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Winning Can Be Dangerous; CNN Is Not for Sale: What C.E.O.s Said at the DealBook Conference CNN Is Not for Sale, and the Search for a ‘Corporate Kaepernick’: DealBook Briefing
(about 1 hour later)
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 below. But first, we held our annual DealBook conference on Thursday, which featured a lineup of some of the biggest newsmakers in business and policy. Here is what stood out. — Andrew Ross SorkinI’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 below. But first, we held our annual DealBook conference on Thursday, which featured a lineup of some of the biggest newsmakers in business and policy. Here is what stood out. — Andrew Ross Sorkin
• AT&T’s chief executive Randall L. Stephenson said selling CNN in order to push through his company’s acquisition of Time Warner has not been and will never be on the table. “I have never offered to sell CNN,” he said repeatedly. “There is absolutely no intention that we would ever sell CNN.”
• “The culture went wrong, the governance went wrong, the board went in a very bad direction. I think winning gives some excuses for bad behavior,” said Dara Khosrowshahi, speaking publicly for the first time since he became Uber’s chief executive in August. His aim now: To move Uber past the series of scandals that has shaken the company to its core.
• Mellody Hobson, the president of Ariel Investments, noted the corporate environment remains overwhelmingly white and male. “I’ve been asking myself one question over and over again,” she said. “Where is the corporate Kaepernick?” She added: “Who else will be willing to use their high-profile position to call attention to inequality?”
• Is the country ready for another billionaire reality TV star to be president? Mark Cuban said that he was “considering” a presidential run.
Randall L. Stephenson, AT&T’s chief executive, said that selling CNN in order to push through his company’s pending $85.4 billion acquisition of Time Warner has not been and will never be on the table.Randall L. Stephenson, AT&T’s chief executive, said that selling CNN in order to push through his company’s pending $85.4 billion acquisition of Time Warner has not been and will never be on the table.
“I have never offered to sell CNN,” he said repeatedly. “There is absolutely no intention that we would ever sell CNN.”“I have never offered to sell CNN,” he said repeatedly. “There is absolutely no intention that we would ever sell CNN.”
He added, “I have never been told that the price of getting the deal done is” selling the cable news channel. The New York Times reported on Wednesday that the options AT&T had been asked to weigh were selling the Turner Broadcasting cable unit, which includes CNN, or DirecTV.He added, “I have never been told that the price of getting the deal done is” selling the cable news channel. The New York Times reported on Wednesday that the options AT&T had been asked to weigh were selling the Turner Broadcasting cable unit, which includes CNN, or DirecTV.
Speaking one day after tensions over AT&T’s negotiations with the Justice Department spilled into the open, Mr. Stephenson said that selling the news network “doesn’t make sense in the context of what we’re trying to accomplish” by buying Time Warner.Speaking one day after tensions over AT&T’s negotiations with the Justice Department spilled into the open, Mr. Stephenson said that selling the news network “doesn’t make sense in the context of what we’re trying to accomplish” by buying Time Warner.
If completed, the deal with Time Warner — the owner of HBO, Warner Bros. and CNN — would transform AT&T into a colossus capable of both producing content and distributing it to millions of people via its wireless and satellite services.If completed, the deal with Time Warner — the owner of HBO, Warner Bros. and CNN — would transform AT&T into a colossus capable of both producing content and distributing it to millions of people via its wireless and satellite services.
But on Wednesday, negotiations between the companies and the Justice Department appeared to be mired in politics. Central to the dispute is CNN, which President Trump has repeatedly attacked as producing “fake news.”
“This is a classic vertical merger,” Mr. Stephenson said. “There are no overlaps of competition. There are no competitors being taken out of the competition. There hasn’t been one of these challenged in the courts and defeated in 40 years.”“This is a classic vertical merger,” Mr. Stephenson said. “There are no overlaps of competition. There are no competitors being taken out of the competition. There hasn’t been one of these challenged in the courts and defeated in 40 years.”
— Tiffany Hsu— Tiffany Hsu
Monika Bickert has an impossible job. And it’s only going to get harder.Monika Bickert has an impossible job. And it’s only going to get harder.
As head of Facebook’s global policy and counterterrorism, Ms. Bickert deals with the company’s thorniest questions, like what should and should not be allowed on Facebook.As head of Facebook’s global policy and counterterrorism, Ms. Bickert deals with the company’s thorniest questions, like what should and should not be allowed on Facebook.
The stakes have only grown higher as Facebook deals with intensifying heat from regulators in Washington concerned with Russian meddling in the 2016 American Presidential election. And Facebook must worry about how its users grow increasingly polarized as the spread of divisive and fake news flows across the platform.
“We don’t want false news on Facebook,” Ms. Bickert said. “People want to connect with real, authentic information.”“We don’t want false news on Facebook,” Ms. Bickert said. “People want to connect with real, authentic information.”
She noted Facebook is taking steps to work with more than 2,600 publishers to deal with some of the issues, and the company’s product teams are continuously making tweaks to the system to better inform members of the public whether a story is potentially unreliable.She noted Facebook is taking steps to work with more than 2,600 publishers to deal with some of the issues, and the company’s product teams are continuously making tweaks to the system to better inform members of the public whether a story is potentially unreliable.
But for Facebook, which relies on a combination of humans and artificial intelligence to review content, the work is nowhere near finished. As we’ve seen in congressional hearings last week, the company still has a long, long way to go.But for Facebook, which relies on a combination of humans and artificial intelligence to review content, the work is nowhere near finished. As we’ve seen in congressional hearings last week, the company still has a long, long way to go.
“How do we get there? I don’t think there’s a silver bullet,” Ms. Bickert said.“How do we get there? I don’t think there’s a silver bullet,” Ms. Bickert said.
— Mike Isaac— Mike Isaac
Dara Khosrowshahi wants to make something clear: The new Uber will not look like the company he inherited.Dara Khosrowshahi wants to make something clear: The new Uber will not look like the company he inherited.
Speaking publicly for the first time since he became Uber’s chief executive in August, Mr. Khosrowshahi painted a rosier vision of the future of his company. His aim: To escape from the shadow cast over the ride-hailing giant after a series of scandals shook the company to its core and resulted in the eventual ousting of former chief executive and co-founder, Travis Kalanick.Speaking publicly for the first time since he became Uber’s chief executive in August, Mr. Khosrowshahi painted a rosier vision of the future of his company. His aim: To escape from the shadow cast over the ride-hailing giant after a series of scandals shook the company to its core and resulted in the eventual ousting of former chief executive and co-founder, Travis Kalanick.
“The culture went wrong, the governance went wrong, the board went in a very bad direction,” Mr. Khosrowshahi said in conversation with Andrew Ross Sorkin. “I think winning gives some excuses for bad behavior.”“The culture went wrong, the governance went wrong, the board went in a very bad direction,” Mr. Khosrowshahi said in conversation with Andrew Ross Sorkin. “I think winning gives some excuses for bad behavior.”
Now, Mr. Khosrowshahi is trying to put his own imprimatur on the company in what he calls “Uber 2.0.”Now, Mr. Khosrowshahi is trying to put his own imprimatur on the company in what he calls “Uber 2.0.”
Perhaps most important, he has embarked on an apology tour of sorts in cities and countries around the world, trying to repair the damage done by Mr. Kalanick and his contentious, bare-knuckled approach to dealing with regulators in new markets.Perhaps most important, he has embarked on an apology tour of sorts in cities and countries around the world, trying to repair the damage done by Mr. Kalanick and his contentious, bare-knuckled approach to dealing with regulators in new markets.
Make no mistake: This is Dara’s company now, not Travis’s. And Mr. Khosrowshahi said he has made clear he needs some distance from the former chief executive to do his job, and to do it well.
“I’ve got to put my stamp on the company,” he said. “We’re on our way.”“I’ve got to put my stamp on the company,” he said. “We’re on our way.”
— Mike Isaac— Mike Isaac
Mellody Hobson, the president of Ariel Investments, a Chicago investment firm, noted the corporate environment remains overwhelmingly white and male.Mellody Hobson, the president of Ariel Investments, a Chicago investment firm, noted the corporate environment remains overwhelmingly white and male.
“I’ve been asking myself one question over and over again,” she said. “Where is the corporate Kaepernick?”“I’ve been asking myself one question over and over again,” she said. “Where is the corporate Kaepernick?”
Colin Kaepernick, the former quarterback for the San Francisco 49ers, began kneeling during the national anthem at games to protest racial inequality last year, attracting national attention. He is now a free agent.Colin Kaepernick, the former quarterback for the San Francisco 49ers, began kneeling during the national anthem at games to protest racial inequality last year, attracting national attention. He is now a free agent.
“I’ve never met Colin Kaepernick, but I will tell you he’s a hero of mine,” Ms. Hobson said. “Who else will be willing to use their high-profile position to call attention to inequality?”“I’ve never met Colin Kaepernick, but I will tell you he’s a hero of mine,” Ms. Hobson said. “Who else will be willing to use their high-profile position to call attention to inequality?”
Kenneth I. Chenault, for one, has tried.Kenneth I. Chenault, for one, has tried.
Mr. Chenault will retire next year after a long run as the chief executive of American Express. When he assumed the position in 2001, he was only the third black person ever to lead a Fortune 500 company. When he retires, three will remain.Mr. Chenault will retire next year after a long run as the chief executive of American Express. When he assumed the position in 2001, he was only the third black person ever to lead a Fortune 500 company. When he retires, three will remain.
He pointed out the wrong way to think about diversity, recalling a conversation with someone who said to him, “I don’t see color.” He pointed out the wrong way to think about diversity.
“Don’t deny that I am African-American,” Mr. Chenault said. “Accept me for who I am. Engage with me, but don’t deny my heritage, because it’s important. Because we don’t have enough honest discussions about race in this country.”“Don’t deny that I am African-American,” Mr. Chenault said. “Accept me for who I am. Engage with me, but don’t deny my heritage, because it’s important. Because we don’t have enough honest discussions about race in this country.”
— Jacey Fortin— Jacey Fortin
Now, with commercial rents still stubbornly high, retail “is seamless between online and bricks and mortar,” Millard Drexler, chairman of J. Crew Group, said Thursday.Now, with commercial rents still stubbornly high, retail “is seamless between online and bricks and mortar,” Millard Drexler, chairman of J. Crew Group, said Thursday.
“Everything was moving in this direction, but I don’t think anyone was prepared,” he said, reaching repeatedly into his pocket for his smartphone to demonstrate the ease of comparing prices. “I wasn’t prepared for the speed with which this was going to happen.”“Everything was moving in this direction, but I don’t think anyone was prepared,” he said, reaching repeatedly into his pocket for his smartphone to demonstrate the ease of comparing prices. “I wasn’t prepared for the speed with which this was going to happen.”
Mr. Drexler said J. Crew had approached Amazon about whether the e-commerce giant was interested in buying the brick-and-mortar chain. Nothing came of the talks, and Mr. Drexler said he chose not to sell J. Crew clothing on Amazon, although he said he had “enormous respect” for the company. Mr. Drexler said J. Crew had approached Amazon about whether the e-commerce giant was interested in buying the brick-and-mortar chain. Nothing came of the talks, and Mr. Drexler said he chose not to sell J. Crew clothing on Amazon.
“They own the customer,” he said. “And I’d be afraid they’d take every best-seller and put it into their private label collection.”“They own the customer,” he said. “And I’d be afraid they’d take every best-seller and put it into their private label collection.”
Walmart purchased Bonobos, an online men’s wear brand with dozens of small physical showrooms, earlier this year.
— Tiffany Hsu— Tiffany Hsu
It is strange to look back on the past few years and consider the trajectories of Twitter and Square, the two companies co-founded and run by Jack Dorsey.It is strange to look back on the past few years and consider the trajectories of Twitter and Square, the two companies co-founded and run by Jack Dorsey.
For many, Square was all but dead on arrival at the time of its 2015 initial public offering, while Twitter was being questioned as an acquisition target by Salesforce, Disney or Google.For many, Square was all but dead on arrival at the time of its 2015 initial public offering, while Twitter was being questioned as an acquisition target by Salesforce, Disney or Google.
But things are different now. Square’s stock has been surging, and Twitter has been under fire for the role that bots and fake accounts played in the outcome of the 2016 Presidential election.But things are different now. Square’s stock has been surging, and Twitter has been under fire for the role that bots and fake accounts played in the outcome of the 2016 Presidential election.
This week, Twitter was met with outrage for verifying the account of a white supremacist. And last week, a rogue employee at Twitter temporarily took down President Trump’s Twitter account briefly on the employee’s last day at work.This week, Twitter was met with outrage for verifying the account of a white supremacist. And last week, a rogue employee at Twitter temporarily took down President Trump’s Twitter account briefly on the employee’s last day at work.
Mr. Dorsey said Thursday that the deletion of the account should never have been possible. He went to say that things are changing, and that starts with more transparency around the company’s rules and terms of service.Mr. Dorsey said Thursday that the deletion of the account should never have been possible. He went to say that things are changing, and that starts with more transparency around the company’s rules and terms of service.
“We’re working to be more transparent. I wouldn’t give us a high grade at the moment,” he said. “We’re trying to learn as quickly as possible.”“We’re working to be more transparent. I wouldn’t give us a high grade at the moment,” he said. “We’re trying to learn as quickly as possible.”
Square is a different story. Mr. Dorsey highlighted the growth of Square Capital, the company’s money lending program, as well as Square Cash, the peer-to-peer payments app that Square is slowly beginning to monetize through merchants who accept the app as a form of payment. Recently, Square passed Twitter in market capitalization, something that would have seemed unheard of a few years ago.
— Mike Isaac— Mike Isaac
Howard Schultz, the executive chairman of Starbucks, lashed out at the proposed tax code overhauls being promoted by Republicans.Howard Schultz, the executive chairman of Starbucks, lashed out at the proposed tax code overhauls being promoted by Republicans.
“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.”“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 the government should focus on investing in initiatives like education and better health care.Instead, Mr. Schultz said the government should focus on 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 is not going to create a more level playing field and a more compassionate society.”
— David Gelles— David Gelles
Laurene Powell Jobs, the founder of Emerson Collective and the widow of Apple co-founder Steve Jobs, is emerging as a potent force in philanthropy.Laurene Powell Jobs, the founder of Emerson Collective and the widow of Apple co-founder Steve Jobs, is emerging as a potent force in philanthropy.
On education.On education.
Ms. Powell Jobs said the sorry state of public education had motivated her to pursue a number of initiatives aimed at improving opportunities for students and giving them more resources. “At most, 50 percent of students who are graduating high school prepared for college or a career,” she said. “We’re not even close to where we need to be.”Ms. Powell Jobs said the sorry state of public education had motivated her to pursue a number of initiatives aimed at improving opportunities for students and giving them more resources. “At most, 50 percent of students who are graduating high school prepared for college or a career,” she said. “We’re not even close to where we need to be.”
On the environment.
When it comes to the environment, Ms. Powell Jobs said her priorities were moving away from fossil fuels and toward renewable energy sources, and ensuring healthy and clean air and water.
On immigration.On immigration.
Ms. Powell Jobs, who discussed the issue with President Trump earlier this year and took out advertisements supporting the Dream Act. “We believe strongly that congress needs to pass the Dream Act or something akin to it,” she said. “We want to put some pressure on people who have to take this vote.” Ms. Powell Jobs, who discussed the issue with President Trump earlier this year and took out advertisements supporting the Dream Act, legislation intended to shield young immigrants who brought here illegally from deportation. “We believe strongly that congress needs to pass the Dream Act or something akin to it,” she said. “We want to put some pressure on people who have to take this vote.”
— David Gelles— David Gelles
America needs manufacturing, said Brian Krzanich, Intel’s chief executive.America needs manufacturing, said Brian Krzanich, Intel’s chief executive.
And for Mr. Krzanich, who was on the president’s manufacturing advisory council before it disbanded in August, keeping manufacturing in America is about more than jobs. Without it, the nation risks losing its edge on research and development, too.And for Mr. Krzanich, who was on the president’s manufacturing advisory council before it disbanded in August, keeping manufacturing in America is about more than jobs. Without it, the nation risks losing its edge on research and development, too.
“R. & D. and manufacturing are often tied together and if we lose manufacturing I think we really risk losing R. & D. next,” he said.“R. & D. and manufacturing are often tied together and if we lose manufacturing I think we really risk losing R. & D. next,” he said.
— Niraj Chokshi— Niraj Chokshi
Maybe, said Mark Cuban.Maybe, said Mark Cuban.
Mr. Cuban said that he was “considering” a presidential run, repeating an assertion he has made before.Mr. Cuban said that he was “considering” a presidential run, repeating an assertion he has made before.
“People are looking for an independent voice, a real independent voice, that at least has an inkling of what they’re talking about,” he said. But he added “I’ve had three kids. What caring, loving parent would put an 8-, an 11-, and a 14-year-old child through this?”.“People are looking for an independent voice, a real independent voice, that at least has an inkling of what they’re talking about,” he said. But he added “I’ve had three kids. What caring, loving parent would put an 8-, an 11-, and a 14-year-old child through this?”.
Here are Mr. Cuban’s thoughts on how he might approach business and tax regulation: Mr. Cuban also offered thoughts on how he might approach tax regulation.
On taxes.
The corporate tax rate should be lower, somewhere around 25 percent, but not too low, Mr. Cuban said. There are so many incentives to do business in America that there’s no reason to excessively cut rates.The corporate tax rate should be lower, somewhere around 25 percent, but not too low, Mr. Cuban said. There are so many incentives to do business in America that there’s no reason to excessively cut rates.
On megamergers.
Mr. Cuban said that major deals are a reality of the modern era.
“The AT&T-Time Warner deal should happen, because you’re going to see a lot more comparable deals have to happen,” he said, in response to a question about The Walt Disney Company having considered buying assets owned by 21st Century Fox.
— Niraj Chokshi— Niraj Chokshi
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 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 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 to our newsletter alone — have been with us since the very beginning. Thank you.Many of you — some 300,000-plus subscribers to our newsletter alone — have been with us since the very beginning. Thank you.
We would love to hear your feedback. And if you like what you see, we’d be grateful if you would recommend us to a friend or co-worker.We would love to hear your feedback. And if you like what you see, we’d be grateful if you would recommend us to a friend or co-worker.
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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 would love to hear 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 would love to hear your feedback as we experiment with the writing, format and design of this briefing. Please email thoughts and suggestions to bizday@nytimes.com.