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WarnerMedia, Discovery combine to form new leader in global entertainment space By IANS | 0 Views WarnerMedia, Discovery combine to form new leader in global entertainment space.. Image Source: IANS News New Delhi, May 17 : AT&T and Discovery on Monday announced a definitive agreement to combine WarnerMedias premium entertainment, sports and news assets with Discovery s leading nonfiction and international entertainment and sports businesses to create a premier, standalone global entertainment company. Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia s retention of certain debt. AT&T s shareholders would receive stock representing 71 per cent of the new company; Discovery shareholders would own 29 per cent of the new company. ....
The streaming video race is heating up as AT&T has announced plans to spin off its WarnerMedia unit and combine it with Discovery to create a standalone. ....
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AT&T’s WarnerMedia has announced a merger of its entertainment assets (which includes TNT, the home of AEW) with Discovery Inc. The new company hasn’t been given a name or management structure yet, but it will be led by Discovery CEO David Zaslav. AT&T will receive $43 billion in cash, debt securities and WarnerMedia’s retention of debt, with shareholders getting stock that represents 71% of the new company. Discovery shareholders will get the other 29%. The deal will likely close sometimes in mid-2022, after approval from Discovery shareholders and regulators. Here’s a press release: AT&T’s WARNERMEDIA AND DISCOVERY, INC. CREATING STANDALONE COMPANY BY COMBINING OPERATIONS TO FORM NEW GLOBAL LEADER IN ENTERTAINMENT ....