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AT&T CEO: Premium content is key to competing with Silicon Valley

AT&T CEO Randall Stephenson
AT&T CEO Randall Stephenson. Photo: Amir Levy/Getty Images.

AT&T CEO Randall Stephenson is touting the strategy behind AT&T's purchase of Time Warner (which closed Thursday night) and noting the increasing importance of premium content and consumer engagement with online platforms — things Silicon Valley giants have done very well.

The big picture: Traditional media and telecom companies are aggressively pursuing vertically integrated strategies to go head-to-head with tech giants that are starting to dominate both creation and distribution of popular content. With its new Time Warner properties, Stephenson said in a CNBC interview Friday that AT&T is well positioned to take on competitors — and previewed some of the bundled content plays the company is rolling out.