Discovery shareholders are set to OK the $43 billion merger with WarnerMedia on Friday, the last big step before AT&T completes the spinoff.
Ahead of the deal’s expected close next month, a who’s-in/who’s-out parlor game is gaining intensity as CEO David Zaslav finalizes the leadership team.Top managers who have been with the exec for years will be sticking around, working with a few battle-tested Warner execs, though likely without others.
Kevin Mayer, the former Disney exec known for leading the launch of Disney+ and a string of M&A deals, is helping to shape the new org chart as a high-level consultant to Zaslav.
The structure will be leaner and less top-heavy than what Warner vets are accustomed to as they settle into a third corporate ownership group in four years.“Zas doesn’t do layers,” pronounced a former colleague.Discovery and AT&T have promised the merger will deliver at least $3 billion in cost savings, and as soon as the close happens they will be under pressure to pay down debt.
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