Discovery has officially closed its $43 billion merger with AT&T’s WarnerMedia.
The combined companies – known as Warner Bros. Discovery, Inc - began trading on the Nasdaq this week.
The new company combines WarnerMedia’s entertainment, sports and news assets with Discovery’s non-fiction and international entertainment and sports businesses.
The business now spans brands including Discovery Channel, discovery+, Warner Bros. Entertainment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel and others.
David Zaslav, Warner Bros. Discovery Chief Executive Officer, said: “With our collective assets and diversified business model, Warner Bros. Discovery offers the most differentiated and complete portfolio of content across film, television and streaming. We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders.”
John Stankey, AT&T Chief Executive Officer, said: “With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fibre, where we have strong momentum, while we work to become America’s best broadband company. At the same time, we’ll sharpen our focus on returns to shareholders.”
Zaslav has also announced the leadership team for Warner Bros. Discovery after WarnerMedia chief Jason Kilar and Warner Bros. head Ann Sarnoff announced their departures.
Discovery’s Chief Financial Officer Gunnar Wiedenfels will oversee finance at the new company. Jean-Briac Perrette, Discovery’s Chief Executive of Streaming and International, will be the new President of Warner Bros Discovery Global Streaming and Interactive Entertainment, with responsibility for HBO Max and Discovery+. Bruce Campbell, Discovery’s Chief Development Officer, will assume the role of Chief Revenue and Strategy Officer.