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Warner is a very natural extension for us. >> why sell now, jeff? >> well, it's not really selling, it's joining. so, this is our biggest customer, it's our biggest partner. directv, at&t and then all these mobile customers that we now will have together. and what allows us to do is move faster with more innovation, better consumer offerings and more different price points and more effective advertising and, therefore, people will see that more of the cost of content can be born by advertising and the experience of television can be better. >> what changes for the consumer. for somebody watchi...

I came to see jeff because our businesses, obviously, do a lot together. we buy a lot of time warner content. so, we see each other regularly. we get together regularly and came by to see jeff and we had lunch and as we began to talk me about where i saw the world of distribution going. 5g as we have spoken of here and the world of content moving and we came to an agreement that these things are converging and they will converge very, very quickly. >> a movie studio and a phone company. you think about how quickly things have really changed in terms of both of your businesses. i'm wondering ab...

Have now? >> absolutely. >> and move forward. at what point, they operate as two sort of different companies. at&t and time warner. >> you should think of time warner becoming a wholly owned subsidiary of at&t. look, i mean, jeff has built an amazing company over here with some amazing brands and i don't envision us stepping in here and we're going to fix this. this is a well-run company. i said at the very beginning, i think this is the premium content brand company in the world. so, i don't envision us changing a lot. what we do want to figure out and this is the management art that we have ...

Chief business correspondent and early start anchor christine romans took many questions to the heads of both companies, jeff buchananous the chairman and ceo of time warner and randall stevenson the ceo and chairman of at&t. here's what they said. >> let's talk, randall, why buy time warner? >> seems to us like a very natural extension of what we do. we're in an environment where our customers are demanding more and more video, more and more entertainment content not only on the tv but on the mobile device. we have a really large customer base in mobility and the ability to take really premiu...

Consumer is expecting or has typically paid. this is 100 plus channels. we're not talking channels that nobody watches. >> right, right, right. >> this is 100 plus premium channels. all of this content will be on there, espn, the disney content. this is a very, very different experience. mobile centric is designed for the tablet and the smartphone. now think of having an anchor tenant like time warner and hbo and that content and how you can begin to integrate social into this. and social interaction, and can we clip the content and send it to friends, and interact with our friends on this. th...