Pascal Desroches: Last News

AT&T reported solid results for its final quarter of full ownership of WarnerMedia, but its stock plunged after the company lowered its outlook for full-year free cash flow.

Cynthia Littleton Business EditorAfter a topsy-turvy week, the thought occurred to me during AT&T’s investor call on Thursday: What if John Stankey wound up on the winning side of the streaming wars?Netflix took a nosedive on Tuesday with an earnings report that proved that it could not suspend the law of gravity forever. The steady upward climb of Netflix subscriber gains had to stop sometime, and that sometime was Q1 2022.The jolt that the news of six-figure losses in Q1 and a projected seven-figure loss for Q2 packed a wallop on Netflix stock price.

AT&T chief executive John Stankey’s compensation totaled $24.8 million last year, up from $21 million the year earlier. According to a proxy statement filed with the SEC, retired CEO Randall Stephenson made $16.3 million in 2021 (down from $29 million).

Executives on both sides of the $43-billion WarnerMedia-Discovery merger confirmed the deal is on track to close by the middle of next year but details otherwise remain scarce on the combination that will reshape the media industry.

AT&T CEO John Stankey and CFO Pascal Desroches held a 45-minute WebX town hall for WarnerMedia employees this morning, offering additional information about the entertainment unit’s upcoming merger with Discovery.

Brent Lang Executive Editor of Film and MediaAT&T chief John Stankey and Chief Financial Officer Pascal Desroches were asked tough questions about the implications of the pending merger of WarnerMedia and Discovery during an all-hands meeting of studio employees on Tuesday.Stankey tried to placate worried staffers by assuring them that he was going to advocate on their behalf and also urged them to “stay the course” during the months it will take for the deal to close. Media coverage has largely focused on AT&T’s decision to spin off WarnerMedia as an ignominious retreat by the telecom giant from the content business, one that added unsustainable debt to its balance sheet.

AT&T chief financial officer John Stephens is set to retire in March 2021 after 28 years with the telecom and media giant. WarnerMedia CFO Pascal Desroches has been tapped to succeed Stephens, effective April 1, 2021, and until then will serve as AT&T’s senior executive vp of finance.

Dade Hayes Finance EditorJohn Stephens will retire as CFO of AT&T next March, ending a 28-year run at the company, and will hand the reins to WarnerMedia CFO Pascal Desroches.The change is slated to take effect on April 1. It comes as AT&T continues to work to lower its debt load and steer WarnerMedia through a major restructuring effort.

Todd Spangler NY Digital EditorAfter 28 years with AT&T, CFO John Stephens plans to retire next March. The company named WarnerMedia CFO Pascal Desroches as the successor to Stephens, effective April 1, 2021.

WarnerMedia is solidifying its finance ranks as part of the restructuring at the company. Jessica Holscott, the CFO at WarnerMedia Entertainment, has been tapped to serve as the head of the finance team for the company's recently formed Studios and Networks Group.

Jill Goldsmith Co-Business EditorJessica Holscott has been named as the new head of the finance team for WarnerMedia’s recently formed Studios and Networks Group, with responsibility for all financial activities of the group, including financial reporting, budgeting and planning for future business growth.In her new role, which is effective immediately, Holscott will report to WarnerMedia CFO Pascal Desroches, and will work closely with Ann Sarnoff who leads Studios and Networks.  Its the latest in a stream of executive appointments and departures amid a broader wave of layoffs as the AT&T division undergoes a dramatic corporate restructuring. Holscott was most recently Executive Vice President and CFO, WarnerMedia Entertainment.

Elaine Low Senior TV WriterWarnerMedia has named Jessica Holscott as the new head of finance of its studios and networks group, the recently formed unit led by Warner Bros. chief Ann Sarnoff.Holscott, who will report to WarnerMedia CFO Pascal Desroches, is tasked with overseeing the group’s financial activities, including financial reporting, budgeting and planning for future business growth.Most recently, she served as executive VP and CFO of WarnerMedia Entertainment.

Brian Steinberg Senior TV EditorWarnerMedia plans to sell off its venerable CNN Center, the longtime hub of its flagship cable-news network, as more media companies look to divest long-held real estate assets at a moment when they are navigating through a challenging operating environment.In a note sent to Atlanta staffers Monday, WarnerMedia Chief Financial Officer Pascal Desroches said the company had been considering what to do with its Atlanta CNN hub even before it was acquired by AT&T in 2018,  but put those discussions on hold. “Now that we’ve had time to further evaluate, we’ve concluded that the best course of action is to sell the CNN Center.”Even so, some employees will likely remain at those offices for some time.