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How Did AT&T’s $100 Billion Time Warner Deal Go So Wrong?

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A year later, in the summer of 2016, Mr. Ginsberg, Time Warner’s head of communications, had breakfast with Peter Chernin, his former boss at News Corp. and a trusted adviser to Mr. Stephenson, at a cafe in Menemsha on Martha’s Vineyard. Mr. Chernin asked Mr. Ginsberg what he thought Time Warner’s price might be. “We’d need $105 to $115 a share,” Mr. Ginsberg suggested, pretty much off the top of his head. Mr. Chernin didn’t blanch.As soon as breakfast was over, Mr. Ginsberg called Mr. Bewkes. “Are you sitting down?” he asked. “Because I’ve got some incredible news that will stun you.”‘They don’t own the company ye …

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