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Business
At Communacopia

AT&T CEO: Netflix is ‘Walmart’ of video streaming, HBO is ‘Tiffany’

By
Richard Morgan
Published Sep. 12, 2018
Updated Sep. 12, 2018, 10:14 p.m. ET

Netflix is the Walmart of video streaming — and HBO is going to be Tiffany.

That was the cheeky prediction from AT&T boss Randall Stephenson, who likened Netflix to a downmarket behemoth as AT&T presses forward with plans to launch a video streaming service that draws exclusive content from Time Warner properties like HBO.

“HBO is a very, very unique asset,” Stephenson told the Goldman Sachs Communacopia Conference on Wednesday. “I think of Netflix kind of as the Walmart of . HBO is kind of the Tiffany.”

Time Warner, whose properties also include CNN, as well as Warner Bros., DC Comics and a 10 percent stake in Hulu, is pressing forward with the video streaming service it announced late last year, Stephenson said.

The telecom honcho argued that AT&T and Time Warner are forming a “modern media company” by combining four elements — premium content, direct-to-consumer capability, advertising technology and high-speed delivery networks.

Stephenson said the telecom giant is pushing ahead full-speed with integrating its acquisition of Time Warner — despite the fact the Justice Department has appealed a federal judge’s OK of the $85 billion merger.

When US Judge Richard Leon approved the mega-deal in June, he blundered with “fundamental errors of economic logic and reasoning” in ruling that it wouldn’t threaten competition and harm consumers, the DOJ argued in a brief it filed last month.

Nevertheless, Stephenson said that’s not getting in the way of AT&T’s plans to integrate its massive telecom network with Time Warner.

“We feel very good where we stand on appeal,” Stephenson said Wednesday at Goldman Sachs’ 27th annual Communacopia Conference. “The teams are spending zero effort thinking about the appeal.”

Stephenson pooh-poohed recent reports that China is ahead in the battle to control the so-called 5G high-speed wireless networks. Still, he said Congress must get its act together on net neutrality so that state-by-state interference doesn’t create “50 different rules of the road.”

On that point, Stephenson said he wasn’t necessarily optimistic.

“I don’t think there’s enough bipartisan support to agree on what the freezing point of water is today,” he said.