WarnerMedia, Discovery To Merge In $43 Billion Deal
The New York-based multi-industry company WarnerMedia will merge with Discovery Inc. The companies announced on May 17.
AT & T on Monday announced a $43 billion deal to join the two companies.
The new company will take over HBO, CNN, Animal Planet, Food Network, and the Burbank-based Warner Bros. production lot.
According to the Los Angeles Times, The Deal is expected to close in 2022, leaving AT&T shareholders with 71% of the new company and Discovery shareholders with 29%.
"During my many conversations with John [Stankey], we always come back to the same simple and powerful strategic principle: these assets are better and more valuable together," Discovery Chief Executive, Zaslav said in a statement.
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