Photo: Robert Alexander/Getty Images

AT&T is wasting no time building its big Netflix competitor, which it hopes will be the anchor of its media business, WarnerMedia (formerly Time Warner).

Why it matters: Executives believe that a Netflix-like subscription video platform, that includes evergreen content in a library of franchise-driven titles, will be the driver of WarnerMedia’s success as WarnerMedia is now one of the four core pillars of AT&T’s business.

What's happening: Over the past two weeks, WarnerMedia has shut down three digital video services that catered to niche audiences.

  • FilmStruck, Turner’s indie subscription video service that launched in 2016
  • Super Deluxe, Turner’s comedy-centric digital turned TV studio that was first acquired in 2006, folded into Adult Swim, and then revitalized in 2015
  • DramaFever, Warner Bros.’ streaming-video service specializing in Korean dramas and Asian programming

Why it matters: Executives believe that a Netflix-like subscription video platform, that includes evergreen content in a library of franchise-driven titles, will be the driver of WarnerMedia’s success. (WarnerMedia is now one of the four core pillars of AT&T’s business.)

The big picture: AT&T CEO Randall Stephenson has said that capital reallocation is a part of the company’s strategy to boost its streaming efforts.  

  • Positive earnings suggest that WarrnerMedia is doing well in its early days under the AT&T umbrella. But it still has a long way to goin consolidating its services enough to be able to foot the bill for streaming empire. 

Go deeper: Verizon vs. AT&T: A tale of two media investments

Go deeper

Fauci clashes with Rand Paul at COVID hearing: "You're not listening"

Top health expert Anthony Fauci rebuked Sen. Rand Paul (R-Ky.) at a hearing on Wednesday over his suggestion that New York's COVID-19 infection rate is low because the population there has reached herd immunity.

The big picture: Paul, a libertarian who has criticized government lockdown measures as "authoritarian," has clashed with Fauci in previous hearings. Paul accused Fauci of being a "big fan" of New York Gov. Andrew Cuomo and his lockdown restrictions, while Fauci said the Kentucky senator has repeatedly "misconstrued" his comments.

FDA chief vows agency will not accept political pressure on coronavirus vaccine

Food and Drug Administration Commissioner Stephen Hahn promised that "science will guide our decision" for a coronavirus vaccine at a Senate hearing on Wednesday.

Why it matters: More Americans are expressing doubt about a first-generation vaccine, despite President Trump's efforts to push an unrealistic timeline that conflicts with medical experts in his administration.

CEO confidence rises for the first time in over 2 years

Data: Business Roundtable; Chart: Naema Ahmed/Axios

A closely-watched CEO economic confidence index rose for the first time after declining for nine straight quarters, according to a survey of 150 chief executives of the biggest U.S. companies by trade group Business Roundtable.

Why it matters: The index, which still remains at a decade low, reflects corporate America's expectations for sales, hiring and spending — which plummeted amid uncertainty when the pandemic hit.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!