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AT&T is planning major changes to follow its planned $85.4 billion acquisition of Time Warner, including a redefined role for CEO Randall Stephenson, as the telecommunications giant morphs into a media company.

Stephenson will oversee a pair of CEOs who will independently manage the company’s telecommunications and media businesses, according to people familiar with the matter. Stephenson, 57, will still be the top executive of the company, focused on charting the company’s new course as a media powerhouse, the people said.

Stephenson will remain chairman and CEO of AT&T, the company said in a statement, denying an earlier report by Bloomberg that he would relinquish the CEO title.

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