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| Live Interviews With C.E.O.s of Uber, AT&T and More: DealBook Conference | Live Interviews With C.E.O.s of Uber, AT&T and More: DealBook Conference |
| (35 minutes later) | |
| • 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. | • 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 | • 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 |
| 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.” He confirmed, for the first time publicly, that Uber is working on securing a multibillion dollar investment from SoftBank, the Japanese mega-conglomerate angling to get into the American ride-hailing market. He hinted at pulling back on Uber’s long-espoused strategy of spending enormous amounts of money in order to gain market share in certain areas. | Now, Mr. Khosrowshahi is trying to put his own imprimatur on the company in what he calls “Uber 2.0.” He confirmed, for the first time publicly, that Uber is working on securing a multibillion dollar investment from SoftBank, the Japanese mega-conglomerate angling to get into the American ride-hailing market. He hinted at pulling back on Uber’s long-espoused strategy of spending enormous amounts of money in order to gain market share in certain areas. |
| 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.” — 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. | |
| “I’ve never met Colin Kaepernick, but I will tell you he’s a hero of mine,” Ms. Hobson said. “I’m in awe of him because I believe he took it upon himself to publicly promote the American values of liberty and life that we all cherish.” | “I’ve never met Colin Kaepernick, but I will tell you he’s a hero of mine,” Ms. Hobson said. “I’m in awe of him because I believe he took it upon himself to publicly promote the American values of liberty and life that we all cherish.” |
| She added: “Who else will be willing to use their high-profile position to call attention to inequality?” — Jacey Fortin | She added: “Who else will be willing to use their high-profile position to call attention to inequality?” — Jacey Fortin |
| 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. |
| 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.” | “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. | 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 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 resistance of 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. | 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. | 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 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. | |
| 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. | |
| Thanks for your support. | Thanks for your support. |
| 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’ corner | Critics’ corner |
| • Jim Rutenberg of The New York Times 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.” |
| 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 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. |