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In AT&T’s WarnerMedia spinoff, a Hollywood outsider again learns a tough lesson Steven Zeitchik © Ronald Martinez/Getty Images A man walks with an umbrella outside of AT&T corporate headquarters in Dallas. The executive from outside Hollywood had a strong reason his company should pay billions to acquire an entertainment giant. Popular Searches Distribution and content, he said, “have been developing simultaneously they are like wheels of the same car.” The executive added that, after the sale was complete, the studio’s content could then be “distributed all over the world through a variety of media.” The statement encapsulates the logic AT&T offered three years ago when it bought WarnerMedia. But it didn’t come from the Texas phone juggernaut. It originated much farther away and longer ago with Akio Tanii, the former president of the Japanese electronics giant Matsushita, who uttered it back in 1990 to justify his firm’s purch

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