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AT&T and Discovery to combine media and entertainment businesses

ATT today revealed plans to spin off its WarnerMedia business—which includes CNN, HBO Max and more—and combine it with Discovery Inc. to form a new standalone company.

Under the terms of the agreement, ATT would receive $43 billion in a combination of cash, debt securities and WarnerMedia’s retention of certain debt. ATT’s shareholders would receive stock representing 71% of the new company and Discovery shareholders would own 29% of the new company.

The transaction is anticipated to close in mid-2022, subject to approval by Discovery shareholders and certain regulatory approvals. The companies said no vote is required by ATT shareholders and that they have agreements in place with Dr. John Malone, a major Discovery shareholder, and Advance to vote in favor of the transaction. ATT CEO John Stankey said those agreements represent nearly 45% of the total shareholder vote at Discovery.

ATT and Discovery said the new company will reach a

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