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Time Warner will be owned by telecommunications giant AT&T

Warner Bros. CEO Kevin Tsujihara told employees of the film and television studio that Time Warner’s upcoming sale to AT&T will better position the company for growth and said he was “excited” about the deal.

“This transaction significantly accelerates the next stage in our evolution and promises to make all the great content we create and distribute even more powerful and valuable,” Tsujihara wrote in a company wide memo obtained by Variety.

Earlier this week, AT&T secured a $85.4 billion agreement to acquire Time Warner in a stock and cash deal that values the media conglomerate behind Warner Bros., CNN, and HBO at $107.50 per share. In the memo, Tsujihara stressed that the telecom giant is committed to keeping key staff in place.

Jeff Bewkes Time Warner Credit Peter Yang

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“AT&T recognizes that the value of our brands and businesses depends upon the expertise of our team, and they are very committed to retaining the talented people who have made our company the best in the industry,” he wrote.

Urging his employees to “stay focused” while the pact seeks regulatory approval, he restated Time Warner CEO Jeff Bewkes’ video announcement from earlier on Saturday.

“To reiterate what Jeff said, this deal is not about cost savings, it is about growth opportunities and our expertise in creating world-class content,” wrote Tsujihara. “AT&T recognizes that the value of our brands and businesses depends upon the expertise of our team, and they are very committed to retaining the talented people who have made our company the best in the industry.”

Warner Bros. is the studio behind “The Big Bang Theory,” “The Lord of the Rings,” “Batman v Superman: Dawn of Justice,” and the Harry Potter films. Tsujihara was appointed head of the studio in 2013.

Source: Variety