The EU opened a formal investigation into Amazon on Wednesday centered on how the e-commerce giant uses merchants' data.Technologyread more
Investors are keen to find out how looming interest rate cuts will impact the second biggest U.S. lender by assets.Financeread more
IAC is set to invest $250 million in Turo, a peer-to-peer car-sharing firm that is often referred to as the "Airbnb for cars."Technologyread more
Mortgage interest rates surged last week to their highest level in a month, and consequently homebuyers turned on their heels.Real Estateread more
One semiconductor stock has soared above the rest since spring, and one of its biggest cheerleaders sees a larger breakout ahead.Trading Nationread more
U.S. officials see the deal as a threat to NATO, for which Turkey provides the second-largest military.World Politicsread more
Google's services have been blocked in China for several years, but the company still has a business there, as the tech giant seeks to sell products to Chinese firms in...Technologyread more
China may have signaled it's going more hard-line on trade, but it could be a good thing, former U.S. negotiator Clete Willems told CNBC.World Economyread more
Support for U.S. President Donald Trump increased slightly among Republicans after he lashed out on Twitter over the weekend in a racially charged attack on four minority...Politicsread more
A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new...Real Estateread more
While the vote served as a show of solidarity for Democrats, it recommended no substantive penalty against Trump.Politicsread more
Ann Sarnoff has been named CEO and chairwoman of Warner Bros., according to an internal memo from John Stankey, the head of WarnerMedia.
Sarnoff most recently served as the president of BBC Studios Americas.
"Ann is a recognized strategist and respected leader of diversified businesses, with a proven track record of driving growth, innovation and consumer engagement," Stankey said in the memo obtained by CNBC. "Her experience spans media, entertainment, digital product development, consumer products, licensing and distribution, in leadership roles with companies from Viacom and Dow Jones to the WNBA and PayPal."
Shares of AT&T, which owns Warner Bros., remained relatively unchanged in midday trading.
"I'm excited to work with Bob [Greenblatt] and Kevin Reilly to flesh out the plans for the streaming services," Sarnoff told CNBC's Julia Boorstin. "Warner has a lot to offer in that regard."
Tsuijhara, 54, had been with the WarnerMedia unit for more than 24 years. He became CEO in early 2013 and chairman later that year. Tsuijhara, the first executive of Asian decent to head a major Hollywood studio, led Warner Bros. to have its most profitable year ever in 2017.
However, also under Tsuijhara's tenure, Warner Bros. struggled to produce DC superhero films at the same caliber of its counterparts at Disney and Marvel Studios. It wasn't until 2017′s "Wonder Woman" that the studio found true success, taking in $821 million in ticket sales worldwide. A year later, "Aquaman" became the first DC film to cross the $1 billion mark.
After first announcing a deal to acquire Time Warner in 2016, AT&T closed the merger in June 2018. With Tsuijhara's departure, all of the management that joined AT&T from Time Warner is now gone.
Jeff Bewkes, former CEO of Time Warner; John Martin, former CEO of Turner and Richard Plepler, former CEO of HBO, have all departed the company in the last year.
Here is the full internal memo:
To: WarnerMedia Colleagues
From: John Stankey
Subject: Introducing Warner Bros. Chair and CEO - Ann Sarnoff
I am delighted to share that Ann Sarnoff will join Warner Bros. as its next Chair and CEO. Most recently serving as President, BBC Studios Americas, Ann is a recognized strategist and respected leader of diversified businesses, with a proven track record of driving growth, innovation and consumer engagement. Her experience spans media, entertainment, digital product development, consumer products, licensing and distribution, in leadership roles with companies from Viacom and Dow Jones to the WNBA and PayPal.
Today's marketplace requires that we anticipate and meet ever-changing consumer habits with new and innovative ways to engage them with our content. With more than 30 years of experience across the media and entertainment ecosystem, Ann's impressive breadth of expertise, and her drive towards the continuous need to innovate, make her exactly the type of leader who will position Warner Bros. for long-term success.
Well known as a customer-centric brand builder, Ann has consistently developed strategies throughout her career to find new ways to engage customers, create new revenue streams and drive growth. Please read the attached press release for further insights into her many accomplishments and career experiences.
I look forward to Ann joining our company and the remarkable leadership team at Warner Bros. I want to recognize Toby Emmerich, Peter Roth and Kim Williams who stepped up to guide Warner Bros. during our search. The team's ability to maintain momentum and deliver wins across film, TV, interactive entertainment and more during these last few months is notable and greatly appreciated.
Please join me in thanking Toby, Peter and Kim, and in welcoming Ann to the WarnerMedia family.