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AT&T has finally sealed the deal with Discovery and this was announced on Monday, May 17. The announcement comes a day after it was reported that the telecommunication company is very close to signing a deal with the pay television network.
The new merger may create the biggest entertainment biz in the U.S.
The prediction of the deal announcement as early as Monday was spot on and now AT&T Inc.’s media content unit, WarnerMedia, is set to merge with Discovery. The New York Times reported the other day that the company is in advanced talks with the said TV network and they are aiming to build a new firm where their media assets will be combined and operate.
Now that AT&T and Discovery’s merger is confirmed, the newly-formed merged firm is predicted to take on the biggest media companies in the U.S. including Disney and Netflix. It was agreed that a new firm, separate from the telecom company, would be created and this was said to be valued at $150 million.
CNBC further reported that AT&T will be getting an aggregate amount of $43 billion that will be paid in cash, debt, and WarnerMedia’s retention of a particular debt. For the company’s shareholders, they will receive stock, about 71% of the company that will be formed. Stakeholders of Discovery will own 29% shares.
Then again, the deal is not yet fully sealed as it still needs the approval of regulators. The completion of the merger agreement may close in mid-2022.
What to expect from the merger
Discovery’s CEO and president, David Zaslav, will be leading the newly-formed company. Its name will be announced soon.
The firm will have 13 board members and seven of them were appointed by AT&T. Discovery will be appointing the other six members that already include Zaslav who said that they are excited to combine and house the “historic” brands under one roof.
On the other hand, AT&T chief, John Stankey, said that they are expecting fantastic growth with the deal. “This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms,” Deadline quoted him as saying.
He added, “It will support the fantastic growth and international launch of HBO Max with Discovery’s global footprint and create efficiencies which can be re-invested in producing more great content to give consumers what they want.
