Warner Bros. Discovery
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| Conglomerate | |
| ISIN | 🆔 |
| Industry | |
| Predecessor | |
| Founded 📆 | Mid-2022 |
| Founder 👔 | |
| Headquarters 🏙️ | , United States |
Area served 🗺️ | Worldwide |
Key people | David Zaslav (CEO) |
| Products 📟 | |
| Brands | |
| Owner |
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| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Warner Bros. Discovery is an American mass media and entertainment conglomerate. The company was formed through the merger of WarnerMedia and Discovery, Inc., which is expected to be completed in mid-2022.
History
WarnerMedia and Discovery merger
On May 16, 2021, Bloomberg News reported that AT&T was in talks with Discovery, Inc. for it to merge with WarnerMedia, the parent company of Warner Bros., to form a publicly-traded company that would be divided between its shareholders.[1][2]
On May 17, 2021, AT&T announced that it had agreed to spin off its content subsidiary WarnerMedia (the former Time Warner, which AT&T acquired in 2018 for just over US$85 billion in an attempt to become a vertically integrated media conglomerate) and merge it with Discovery Inc. to form a new company, subject to regulatory approval. The merger, scheduled to be completed in mid-2022, will be structured as a Reverse Morris Trust with AT&T shareholders holding a 71% interest in the new company's stock and appointing seven board members, and Discovery shareholders holding a 29% interest and appointing six board members. AT&T will receive US$43 billion in cash and debt from the spin-off.[3][4][5]
The new company will be led by Discovery's current CEO, David Zaslav, replacing WarnerMedia's CEO Jason Kilar.[3] Zaslav stated that the two companies spend a combined US$20 billion annually on content (outpacing Disney, Netflix and Amazon). The company will aim to expand their streaming services, which includes WarnerMedia's HBO Max, to reach 400 million global subscribers.[4]
Warner Bros. Discovery
On June 1, 2021, it was announced that the merged company would be known as Warner Bros. Discovery, and an interim wordmark was unveiled with the tagline "The stuff dreams are made from", a line from the 1941 Warner Bros. film, The Maltese Falcon. Zaslav explained that it would reflect "the combination of Warner Bros.' fabled hundred-year legacy of creative, authentic storytelling and taking bold risks to bring the most amazing stories to life, with Discovery’s global brand that has always stood brightly for integrity, innovation and inspiration."[6][7]
References
- ↑ Hammond, Ed (May 16, 2021). "AT&T Is Preparing to Merge Media Assets With Discovery". Bloomberg News. Retrieved June 2, 2021.
- ↑ Sherman, Alex (May 16, 2021). "AT&T in advanced talks to merge WarnerMedia with Discovery, deal expected as soon as Monday". CNBC. Retrieved June 2, 2021.
- ↑ 3.0 3.1 Hammond, Ed; Turner, Nick (May 17, 2021). "AT&T's WarnerMedia, Discovery to Merge in Blockbuster Deal". Bloomberg News. Retrieved June 2, 2021.
- ↑ 4.0 4.1 Kovach, Steve; Meredith, Sam (May 17, 2021). "AT&T announces $43 billion deal to merge WarnerMedia with Discovery". CNBC. Retrieved June 2, 2021.
- ↑ Hayes, Dade (May 17, 2021). "David Zaslav And John Stankey Outline Plans For Merging Discovery And WarnerMedia, Addressing Future Of Jason Kilar, CNN, Streaming". Deadline Hollywood. Retrieved June 2, 2021.
- ↑ Palmeri, Christopher (June 1, 2021). "Warner Bros. Discovery Will Be Name of Company Shorn From AT&T". Bloomberg News. Retrieved June 2, 2021.
- ↑ Goldsmith, Jill (June 1, 2021). "Warner Bros. Discovery Set As Name Of Merged Company". Deadline Hollywood. Retrieved June 2, 2021.
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