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      Discovery and AT&T close WarnerMedia deal

      Staff Reporter by Staff Reporter
      April 10, 2022
      in News, International News
      Discovery and AT&T close WarnerMedia deal
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      The new deal, which brings together the HBO Max and Discovery+ streaming platforms, has estimated combined revenue of $49.8bn this year.

      Discovery, Inc. and AT&T Inc. have closed their transaction to combine the WarnerMedia business with Discovery.

      The combination creates a premier standalone global media and entertainment company, Warner Bros. Discovery, which will begin trading on the Nasdaq with the start of trading on Monday, April 11, under the new ticker symbol “WBD.”

      The new company combines WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, including Discovery Channel, discovery+, Warner Bros. Entertainment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies and others.

      David Zaslav, Chief Executive Officer of Warner Bros. Discovery, said: “Today’s announcement marks an exciting milestone not just for Warner Bros. Discovery but for our shareholders, our distributors, our advertisers, our creative partners and, most importantly, consumers globally. With our collective assets and diversified business model, Warner Bros. Discovery offers the most differentiated and complete portfolio of content across film, television and streaming. We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders. I can’t wait for both teams to come together to make Warner Bros. Discovery the best place for impactful storytelling.”

      John Stankey, Chief Executive Officer of AT&T, added: “We are at the dawn of a new age of connectivity, and today marks the beginning of a new era for AT&T. With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum, while we work to become America’s best broadband company. At the same time, we’ll sharpen our focus on returns to shareholders. We expect to invest for growth, strengthen our balance sheet and reduce our debt, all while continuing to pay an attractive dividend that puts us among the top dividend-paying stocks in America.

      “In WarnerMedia, Discovery inherits a talented and innovative team and a dynamic growing and global company that is well-positioned to lead the transformation that’s taking place across media and entertainment, direct-to-consumer distribution and technology. The combination of the two companies will strengthen WarnerMedia’s established and leading position in media and streaming. And our shareholders will now have a significant stake in Warner Bros. Discovery and its future successes. We look forward to seeing what the WBD team accomplishes with these industry-leading assets.”

      Under terms of the agreement, which was structured as a Reverse Morris Trust transaction, at close AT&T received $40.4bn in cash and WarnerMedia’s retention of certain debt. Additionally, shareholders of AT&T received 0.241917 shares of WBD for each share of AT&T common stock they held at the close. As a result, AT&T shareholders received 1.7bn shares of WBD, representing 71% of WBD shares on a fully diluted basis. Discovery’s existing shareholders own the remainder of the new company. In addition to their new shares of WBD common stock, AT&T shareholders continue to hold the same number of shares of AT&T common stock they held immediately prior to closing.

      Tags: DiscoveryAT&TWarnerMediaWarner Bros. DiscoveryWBDWarnerMedia deal

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