At&t's warnermedia and discovery, inc. creating standalone company by combining operations to form new global leader in entertainment

Companies with shared values, complementary assets, and iconic brands and franchises, will offer the most differentiated content portfolio in the world warnermedia and discovery, inc. form one of the largest global streaming players discovery president & ceo david zaslav to lead new company with executives from both companies in key leadership roles at&t and discovery will hold joint press conference at 7:30am edt and a separate call with investors will begin at 8:30am edt dallas and new york, may 17, 2021 /prnewswire/ -- at&t inc. (nyse:t) and discovery, inc. (nasdaq: disca, discb, disck) today 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. under the terms of the agreement, which is structured as an all-stock, reverse morris trust transaction, at&t would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and warnermedia's retention of certain debt, and at&t's shareholders would receive stock representing 71% of the new company; discovery shareholders would own 29% of the new company.
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