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Live Interviews With C.E.O.s of AT&T, Uber and More: DealBook Conference Live Interviews With C.E.O.s of AT&T, Uber and More: DealBook Conference
(about 1 hour later)
This morning, I’m proud to announce the redesign and reimagining of DealBook, the multi-platform news group I founded at The New York Times in 2001. We’re also excited for today’s DealBook: Playing for the Long Term conference, with a lineup of some of the biggest newsmakers in business and policy. One of them is Randall Stephenson of AT&T, who is butting heads with the Justice Department over his company’s $85.4 billion bid to buy Time Warner. More on that in a moment. — Andrew Ross Sorkin • Today, I’m proud to announce the redesign and reimagining of DealBook, the multi-platform news group I founded at The New York Times in 2001. More on that in a moment.
• We’re also excited for today’s DealBook: Playing for the Long Term conference, with a lineup of some of the biggest newsmakers in business and policy. One of them is Randall Stephenson of AT&T, who is butting heads with the Justice Department over his company’s $85.4 billion bid to buy Time Warner. — Andrew Ross Sorkin
Howard Schultz, the executive chairman of Starbucks, lashed out at the proposed tax code overhauls being promoted by Republicans.
Speaking at the DealBook conference in New York, Mr. Schultz bucked the conventional wisdom of business leaders and said that big companies, including Starbucks, don’t actually need lower taxes.
“When so many people are living paycheck to paycheck, corporate America does not need a tax cut,” he said. “This is not tax reform. This is a tax cut. This is fool’s gold.”
Instead, Mr. Schultz said companies and the government should focus on repairing the torn social fabric by investing in initiatives like education and better health care.
“The country, the American people, are asking for and demanding and in great need of a more compassionate government and a more compassionate society,” he said. “The current tax cut and is not going to create a more level playing field and a more compassionate society.”
— David Gelles
Laurene Powell Jobs: The philanthropist and businesswoman has become a force in the worlds of education and media, by investing in new initiatives in schools and by buying properties like The Atlantic. We’ll talk about how to transform the American educational system and the pushback against tech billionaires’ attempts to reshape society.
Monika Bickert of Facebook: With the current scrutiny, what’s life like inside this social media behemoth these days? Where does it draw the line on content? How does the company deal with terrorism? And of course, we’ll talk Russia.
Jack Dorsey: We’ll ask the obvious questions about Twitter, but we will also dig deep on Square, a company now bigger than Twitter and what that means for him. We’ll also talk about cryptocurrencies and find out where he stands on Bitcoin and more.
Over the past several years, business has become inextricably linked with policy — in Washington, in Brussels, in Beijing — like never before. That’s why we’re reimagining DealBook with a renewed focus on the intersection of these crosscurrents, as a well as a broader frame on the world of business to include technology, innovation, philanthropy and corporate governance.Over the past several years, business has become inextricably linked with policy — in Washington, in Brussels, in Beijing — like never before. That’s why we’re reimagining DealBook with a renewed focus on the intersection of these crosscurrents, as a well as a broader frame on the world of business to include technology, innovation, philanthropy and corporate governance.
DealBook will aim to identify, curate and prioritize the most critical information, providing a trusted one-stop-shop for the business and policy developments that matter. You’ll also be able to read the live, updated DealBook report here.DealBook will aim to identify, curate and prioritize the most critical information, providing a trusted one-stop-shop for the business and policy developments that matter. You’ll also be able to read the live, updated DealBook report here.
And yes, we’re still covering the world of deals as much as ever before. (You may have notice we’ve been subtly experimenting with this evolution in coverage over the past couple of months.)And yes, we’re still covering the world of deals as much as ever before. (You may have notice we’ve been subtly experimenting with this evolution in coverage over the past couple of months.)
Many of you — some 300,000-plus subscribers for our newsletter alone — have been with us since the very beginning. Thank you.Many of you — some 300,000-plus subscribers for our newsletter alone — have been with us since the very beginning. Thank you.
We would love to hear your feedback in the coming days and weeks. And if you like what you see, we’d be grateful if you’re recommend us to a friend or co-worker.We would love to hear your feedback in the coming days and weeks. And if you like what you see, we’d be grateful if you’re recommend us to a friend or co-worker.
Thanks for your support.Thanks for your support.
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Today’s DealBook briefing was written by Andrew Ross Sorkin in New York, and Michael J. de la Merced and Amie Tsang in London.
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Dara Khosrowshahi: Uber’s new C.E.O. will be joining us this morning, in his first interview since taking the helm at Uber. Expect insight on regulations, evolving corporate culture and many other issues facing the company and the greater tech industry. We’ll cover that possible investment from SoftBank, the machinations of the current board and Uber’s competition with Lyft. We’ll also touch on the women in Silicon Valley, the future of self-driving cars and Khosrowshahi’s relationship with Travis Kalanick.
Laurene Powell Jobs: The philanthropist and businesswoman has become a force in the worlds of education and media, by investing in new initiatives in schools and by buying properties like The Atlantic. We’ll talk about how to transform the American educational system and the pushback against tech billionaires’ attempts to reshape society.
Howard Schultz: There has often been speculation about the executive chairman of Starbucks as a potential presidential candidate, so we’ll speak with him about running a global business in a politically divided world. Plan to hear talk of President Trump, the tax plan currently on Capitol Hill, China and — of course — coffee.
Monika Bickert of Facebook: With the current scrutiny, what’s life like inside this social media behemoth these days? Where does it draw the line on content? How does the company deal with terrorism? And of course, we’ll talk Russia.
Jack Dorsey: We’ll ask the obvious questions about Twitter, but we will also dig deep on Square, a company now bigger than Twitter and what that means for him. We’ll also talk about cryptocurrencies and find out where he stands on Bitcoin and more.
Reminder: Andrew will interview Mr. Stephenson of AT&T at the DealBook conference this afternoon.Reminder: Andrew will interview Mr. Stephenson of AT&T at the DealBook conference this afternoon.
AT&T and Time Warner say they believe that the potential path to Justice Department approval, as DealBook first reported — either selling all of Turner Broadcasting or DirecTV — are fig leaves for the ultimate target, CNN. And they don’t believe there is any possible legal basis for blocking what is broadly regarded as a “vertical merger” that doesn’t reduce direct competition. (It’s “a complete perversion of the guidelines of the law,” one person told the FT.)AT&T and Time Warner say they believe that the potential path to Justice Department approval, as DealBook first reported — either selling all of Turner Broadcasting or DirecTV — are fig leaves for the ultimate target, CNN. And they don’t believe there is any possible legal basis for blocking what is broadly regarded as a “vertical merger” that doesn’t reduce direct competition. (It’s “a complete perversion of the guidelines of the law,” one person told the FT.)
Justice Department officials suggest that the issue is about media consolidation, given that AT&T would be both a major content creator and a huge content distributor. “There are good reasons to be skeptical of vertical integration, and most observers agree that structural remedies such as divestiture are better and more effective than behavioral remedies [such as] lists of conditions,” John Bergmayer of the liberal advocacy group Public Knowledge told Politico.Justice Department officials suggest that the issue is about media consolidation, given that AT&T would be both a major content creator and a huge content distributor. “There are good reasons to be skeptical of vertical integration, and most observers agree that structural remedies such as divestiture are better and more effective than behavioral remedies [such as] lists of conditions,” John Bergmayer of the liberal advocacy group Public Knowledge told Politico.
Democrats are in a difficult place: Many lawmakers worry about the power that a combined AT&T and Time Warner would have. But they also worry about the Justice Department being driven by a political agenda. Senator Al Franken, a Minnesota Democrat and critic of the deal, told Recode, “Any indication that this administration is using its power to weaken media organizations it doesn’t like would be a profoundly disturbing development.”Democrats are in a difficult place: Many lawmakers worry about the power that a combined AT&T and Time Warner would have. But they also worry about the Justice Department being driven by a political agenda. Senator Al Franken, a Minnesota Democrat and critic of the deal, told Recode, “Any indication that this administration is using its power to weaken media organizations it doesn’t like would be a profoundly disturbing development.”
Critics’ cornerCritics’ corner
• Jim Rutenberg of the NYT worries about what he sees as Mr. Trump’s consistent stance against the news media: “If Justice Department officials with legitimate concerns about the merger worry that their work will be tainted by the perception that anti-press politics are at play, there’s one remedy: get the boss to zip it.”• Jim Rutenberg of the NYT worries about what he sees as Mr. Trump’s consistent stance against the news media: “If Justice Department officials with legitimate concerns about the merger worry that their work will be tainted by the perception that anti-press politics are at play, there’s one remedy: get the boss to zip it.”
• Martin Peers of The Information writes of Mr. Stephenson, “The telecom executive might not immediately realize it, but being forced to jettison Time Warner’s Turner cable unit as a condition for buying the media company is the best thing that could happen to him.”• Martin Peers of The Information writes of Mr. Stephenson, “The telecom executive might not immediately realize it, but being forced to jettison Time Warner’s Turner cable unit as a condition for buying the media company is the best thing that could happen to him.”
• Tara Lachapelle of Bloomberg Gadfly argues that the Justice Department is right to try to slow this deal. She writes, “AT&T is kicking off what may be years of consolidation of power over media and wireless assets, or at the very least a reshuffling of them among very powerful people.”• Tara Lachapelle of Bloomberg Gadfly argues that the Justice Department is right to try to slow this deal. She writes, “AT&T is kicking off what may be years of consolidation of power over media and wireless assets, or at the very least a reshuffling of them among very powerful people.”
That question becomes more of a problem with every passing day, it seems. Axios reports that the Senate won’t release its tax plan today as expected. In its current form, it departs from the House bill — which is set to go to a vote next week — in several ways, according to Jim Tankersley, Alan Rappeport and Thomas Kaplan of the NYT:
• The Senate bill eliminates deductions for state and local taxes (or SALT in Washington parlance).
• It limits, but doesn’t eliminate, the estate tax.
• It doesn’t include the 20 percent excise tax on payments made by American companies to foreign affiliates that’s currently in the House bill.
This is where Tuesday’s elections come into play: SALT is a big issue for states like New York and New Jersey, and as we’ve pointed out already, Republicans from those states are already lobbying against removing those deductions. Tuesday’s results, in which suburban dwellers voted largely against Republican candidates, could change the calculus of many lawmakers.
From Kyle Cheney and Seung Min Kim, Politico:
The billionaire may have thought that serving as an unpaid adviser to Mr. Trump on regulatory matters was no big deal. Now he faces a federal investigation into his work on the renewable fuels standard, and whether he exerted influence on ethanol issues to benefit himself financially. He may be asking himself: Was working with his fellow mogul really worth the trouble?
Mr. Icahn isn’t the only financier whose ties to Mr. Trump have caused headaches:
• Wilbur Ross took heat for links between a shipping company in which he held a stake and President Vladimir Putin’s inner circle. (The commerce secretary’s net worth has also come into question.)
• Tom Barrack, who was a connection between the Trump campaign and Paul Manafort and Rick Gates, reportedly lost favor with some in the White House amid the escalation of Robert Mueller’s investigation.
Tencent’s bet on Snap means that embattled social network now has a deep-pocketed Chinese backer with plenty of experience in wringing money from mobile services. (Tencent owns WeChat. Enough said.) But what will that partnership look like?
It could mean a closer pairing of the social network behind the dancing hot dog and mobile games like “Clash of Clans,” whose maker Tencent owns, according to TechCrunch. And it could mean adding a newsfeed to Snapchat, a possibility that may be tied to Evan Spiegel’s effort to make the social network easier to use.
Still, investors weren’t impressed. Shares of Snap fell almost 15 percent yesterday, to $12.91. (Remember that Snap’s I.P.O. price was $17.)
Each weekday, DealBook reporters in New York and London offer commentary and analysis on the day’s the most important business and policy news. Want this in your own email inbox? Here’s the sign-up.Each weekday, DealBook reporters in New York and London offer commentary and analysis on the day’s the most important business and policy news. Want this in your own email inbox? Here’s the sign-up.
You can find live updates of DealBook coverage throughout the day at nytimes.com/dealbook.You can find live updates of DealBook coverage throughout the day at nytimes.com/dealbook.
Follow Andrew Ross Sorkin @andrewrsorkin, Michael J. de la Merced @m_delamerced and Amie Tsang @amietsang on Twitter.Follow Andrew Ross Sorkin @andrewrsorkin, Michael J. de la Merced @m_delamerced and Amie Tsang @amietsang on Twitter.
Finally, we’d love your feedback as we experiment with the writing, format and design of this briefing. Please email thoughts and suggestions to bizday@nytimes.com.Finally, we’d love your feedback as we experiment with the writing, format and design of this briefing. Please email thoughts and suggestions to bizday@nytimes.com.