AT&T and Time Warner merge, key Facebook exec to step down, Ford misses big in China

Here’s a look at some of the companies the Yahoo Finance team will be watching for you today.

The mega merger between AT&T (T) and Time Warner (TWX) is now a done deal. AT&T says it completed the $85B acquisition last night – just two days after a judge sided with the company, over the government, in an antitrust suit. AT&T CEO Randall Stephenson says the combined company will bring a “fresh approach” to media.

Facebook (FB) is losing a top executive. Elliot Schrage headed up the Social Network’s communications and policy efforts. He was a close confidant of COO Sheryl Sandberg, and was responsible for the company’s response to the recent Cambridge Analytica scandal. Schrayg says he was discussing his exit “for a while” and will help lead the search for his replacement.

Ford’s (F) troubles in China aren’t getting any better. The company just reported May sales in China slid 29%. That’s despite efforts to launch new products and putting a new executive in charge of sales there. The head of Ford’s Asia Pacific region says they don’t expect sales to turn around until next year – when new vehicles arrive in showrooms.

It’s been another beautiful quarter for Adobe (ADBE). The company behind Photoshop reported a big beat on profits and revenue for the 8th straight quarter. And it held steady with its outlook for the rest of the year. The CEO says Adobe is the clear market leader, and they have their eye on being the only “end-to-end” solution for immersive media.