AT&T CEO Randall Stephenson is transforming the telecommunications giant into a modern media company following the merger with Time Warner. He opens up about the challenges he faces with AT&T's debt load and government regulation regarding privacy issues, and defends the company's commitment to a free press. Note: AT&T owns WarnerMedia which owns CNN. This interview was recorded live at The Relevance Conference in Santa Barbara. Produced by Haley Draznin, CNN.

To learn more about how CNN protects listener privacy, visit cnn.com/privacy

Learn more about your ad choices. Visit podcastchoices.com/adchoices