Media: AT&T to merge WarnerMedia's main assets with Discovery (finalisation mid-2022)

The US telecommunications group AT&T and the US media group Discovery have announced "a definitive agreement to combine WarnerMedia's premium entertainment, sports and news assets with Discovery's leading nonfiction and international entertainment and sports businesses to create a premier, standalone global entertainment company," on 17/05/2021.

AT&T will receive approximately $43bn (€35bn) in "cash and debt securities" and its shareholders 71% of the newly created entity. Discovery's shareholders will own 29% of the new group.

This agreement is expected to be finalised in "mid-2022 subject to approval by Discovery shareholders and customary closing conditions, including receipt of regulatory approvals. No vote is required by AT&T shareholders," explained the two groups.

David Zaslav, CEO of Discovery, will lead the future company, which has a revenue target of $53bn (€43bn) for the year 2023.

• The acquisition of Time Warner, the American media conglomerate, by the American telecommunications operator AT&T, was finalised on 12/06/2018. The transaction, concluded for $85.4bn…