Discovery and AT&T Close WarnerMedia Transaction

Jene J. Long

Mix of Discovery and WarnerMedia Produces Warner Bros. Discovery, World-wide Chief in Amusement and Streaming

Warner Bros. Discovery to Start off Investing on the Nasdaq as “WBD” on Monday, April 11

NEW YORK & DALLAS, April 08, 2022–(Business WIRE)–Today Discovery, Inc. and AT&T Inc.* (NYSE:T) declared that they have closed their transaction to combine the WarnerMedia company with Discovery. The mixture results in a leading standalone world-wide media and leisure company, Warner Bros. Discovery, Inc., which will start out trading on the Nasdaq with the start off of investing on Monday, April 11, beneath the new ticker symbol “WBD.”

This push launch attributes multimedia. View the comprehensive release listed here: https://www.businesswire.com/information/property/20220408005578/en/

Warner Bros. Discovery will make and distribute the world’s most differentiated and total portfolio of content material, manufacturers and franchises throughout television, film and streaming. The new company combines WarnerMedia’s high quality enjoyment, sports and news belongings with Discovery’s leading non-fiction and intercontinental amusement and sporting activities companies, together with Discovery Channel, discovery+, Warner Bros. Enjoyment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Community, Investigation Discovery, TLC, TNT, TBS, truTV, Vacation Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Community, Adult Swim, Turner Typical Motion pictures and other individuals.

“Today’s announcement marks an exciting milestone not just for Warner Bros. Discovery but for our shareholders, our distributors, our advertisers, our imaginative companions and, most importantly, buyers globally,” mentioned David Zaslav, Warner Bros. Discovery chief government officer. “With our collective property and diversified enterprise design, Warner Bros. Discovery offers the most differentiated and complete portfolio of content across film, tv and streaming. We are self-confident that we can provide extra option to customers about the world whilst fostering creativeness and producing price for shareholders. I can not wait around for equally teams to occur alongside one another to make Warner Bros. Discovery the finest position for impactful storytelling.”

“We are at the dawn of a new age of connectivity, and nowadays marks the beginning of a new era for AT&T,” claimed John Stankey, AT&T chief executive officer. “With the close of this transaction, we assume to spend at file stages in our development locations of 5G and fiber, wherever we have sturdy momentum, whilst we perform to come to be America’s ideal broadband enterprise. At the exact same time, we’ll sharpen our aim on returns to shareholders. We hope to commit for growth, strengthen our equilibrium sheet and reduce our personal debt, all whilst continuing to pay back an attractive dividend that places us between the top dividend shelling out shares in America.

“In WarnerMedia, Discovery inherits a talented and innovative crew and a dynamic rising and world corporation that is well positioned to lead the transformation which is getting place across media and enjoyment, immediate-to-buyer distribution and engineering. The combination of the two firms will improve WarnerMedia’s recognized and major placement in media and streaming. And our shareholders will now have a substantial stake in Warner Bros. Discovery and its long run successes. We look forward to seeing what the WBD workforce accomplishes with these sector-foremost assets.”

Below phrases of the arrangement, which was structured as a Reverse Morris Believe in transaction, at near AT&T been given $40.4 billion in funds and WarnerMedia’s retention of selected credit card debt. Moreover, shareholders of AT&T received .241917 shares of WBD for each individual share of AT&T frequent stock they held at shut. As a result, AT&T shareholders received 1.7 billion shares of WBD, representing 71% of WBD shares on a absolutely diluted basis. Discovery’s present shareholders individual the remainder of the new enterprise. In addition to their new shares of WBD prevalent stock, AT&T shareholders proceed to keep the exact same variety of shares of AT&T typical stock they held right away prior to close.

About DISCOVERY

Discovery, Inc. (Nasdaq: DISCA, DISCB, DISCK) is a worldwide leader in serious lifestyle leisure, serving a passionate audience of superfans close to the entire world with material that evokes, informs and entertains. Discovery provides about 8,000 hrs of primary programming every year and has class management throughout deeply liked content material genres close to the earth. Offered in 220 nations and territories and just about 50 languages, Discovery is a platform innovator, reaching viewers on all screens, which includes Television set In all places merchandise such as the GO portfolio of apps direct-to-shopper streaming providers these types of as discovery+, Foods Community Kitchen and MotorTrend OnDemand electronic-to start with and social written content from Group 9 Media a landmark organic record and factual written content partnership with the BBC and a strategic alliance with PGA TOUR to generate the international house of golf. Discovery’s portfolio of quality manufacturers involves Discovery Channel, HGTV, Meals Community, TLC, Investigation Discovery, Vacation Channel, MotorTrend, Animal Planet, Science Channel, and the multi-system JV with Chip and Joanna Gaines, Magnolia Network, as effectively as Very own: Oprah Winfrey Network in the U.S., Discovery Youngsters in Latin The us, and Eurosport, the foremost provider of domestically relevant, top quality sports activities and Property of the Olympic Games throughout Europe. For additional information, you should pay a visit to company.discovery.com and stick to @DiscoveryIncTV across social platforms.

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a major world media and entertainment business that creates and distributes the world’s most differentiated and comprehensive portfolio of content material and brand names across tv, film and streaming. Out there in extra than 220 international locations and territories and 50 languages, Warner Bros. Discovery evokes, informs and entertains audiences worldwide as a result of its iconic brands and products and solutions together with: Discovery Channel, discovery+, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food items Community, Investigation Discovery, TLC, TNT, TBS, truTV, Journey Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Photos, New Line Cinema, Cartoon Community, Grownup Swim, Turner Basic Motion pictures and other folks. For a lot more data, you should go to www.wbd.com.

*About AT&T

We enable additional than 100 million U.S. households, friends and neighbors join in meaningful means each day. From the to start with cell phone simply call 140+ many years back to our 5G wi-fi and multi-gig world-wide-web offerings currently, we @ATT innovate to boost lives. For much more facts about AT&T Inc. (NYSE:T), make sure you check out us at about.att.com. Traders can master extra at buyers.att.com.

AT&T items and companies are provided or presented by subsidiaries and affiliate marketers of AT&T Inc. under the AT&T model and not by AT&T Inc. Further facts is out there at about.att.com. © 2022 AT&T Mental House. All rights reserved. AT&T, the Globe emblem and other marks are logos and assistance marks of AT&T Mental Residence and/or AT&T affiliated companies. All other marks contained herein are the residence of their respective homeowners.

© 2022 AT&T Intellectual House. All rights reserved. AT&T and the World symbol are registered trademarks of AT&T Intellectual Assets.

Assertion Regarding Forward-Looking Statements

Data set forth in this interaction, together with any money estimates and statements as to the anticipated timing, completion and effects of the transaction between AT&T, Magallanes, Inc. (“Spinco”), and Discovery represent ahead-looking statements inside the which means of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These estimates and statements are topic to pitfalls and uncertainties, and true benefits may well differ materially. These kinds of estimates and statements involve, but are not limited to, statements about the added benefits of the transaction, like potential money and operating results, the merged Spinco and Discovery company’s designs, goals, anticipations and intentions, and other statements that are not historical specifics. These kinds of statements are based mostly upon the current beliefs and anticipations of the management of AT&T and Discovery and are topic to significant threats and uncertainties outdoors of our management. Amongst the challenges and uncertainties that could induce real outcomes to vary from these described in the ahead-wanting statements are the subsequent: challenges that the anticipated tax cure of the transaction is not acquired dangers related to litigation introduced in connection with the transaction the danger that the integration of Discovery and Spinco staying more tricky, time consuming or high priced than envisioned dangers similar to economic local community and score company perceptions of every single of AT&T and Discovery and its organization, operations, economical affliction and the field in which it operates pitfalls relevant to disruption of administration time from ongoing organization operations owing to the merger failure to comprehend the positive aspects envisioned from the merger results of the announcement, pendency or completion of the merger on the capability of AT&T, Spinco or Discovery to retain shoppers and keep and hire important personnel and maintain relationships with their suppliers, and on their working results and organizations usually and risks linked to the potential impression of basic economic, political and market place elements on the corporations or the transaction. The consequences of the COVID-19 pandemic may possibly give rise to pitfalls that are at present not known or amplify the challenges involved with the foregoing variables.

These challenges, as nicely as other dangers affiliated with the transaction, are a lot more fully mentioned in the proxy statement/prospectus provided in the registration statement on Kind S-4 submitted by Discovery with the SEC in link with the transaction, the registration statement on Sort 10 filed by Spinco with the SEC in link with the transaction and the details assertion made readily available to AT&T’s shareholders in relationship with the transaction. Discussions of more pitfalls and uncertainties are contained in AT&T’s and Discovery’s filings with the Securities and Trade Fee. Neither AT&T nor Discovery is below any obligation, and each individual expressly disclaims any obligation, to update, change, or if not revise any forward-searching statements, no matter whether written or oral, that might be made from time to time, whether or not as a end result of new information, future situations, or if not. Persons examining this announcement are cautioned not to area undue reliance on these forward-looking statements which discuss only as of the day hereof.

Watch source version on businesswire.com: https://www.businesswire.com/news/property/20220408005578/en/

Contacts

Fletcher Prepare dinner
AT&T Inc.
Cellular phone: (214) 912-8541
Email: [email protected]

Brittany Siwald
AT&T Inc.
Telephone: (214) 202-6630
E mail: [email protected]

Warner Bros. Discovery
Nathaniel Brown
[email protected]

Next Post

Home upgrades for greener living in 2022 for every budget – Home Improvement Blogs

(BPT) – Fascination in eco-welcoming household advancements is skyrocketing due to the fact it lets property owners to boost their areas whilst producing a beneficial impression on the atmosphere. The obstacle is it can be hard for owners to know which are the very best upgrades for their price range. […]