The concern with an AT&T-Time Warner merger is that AT&T will somehow limit the distribution of Time Warner content on other networks. But Stephenson said that Time Warner's offerings—which include HBO, CNN, DC Comics, TBS, TNT, the Cartoon Network, and Warner Brothers as well as various live sporting events—will be widely distributed. Meanwhile, Time Warner's independence will be considered "sacrosanct," and Stephenson said the company will be a wholly owned subsidiary of AT&T. "We will be very cautious and thoughtful about how we organize this," he said.