AT&T and Discovery Monday 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 led by Discovery CEO David Zaslav.Under the terms of the agreement, which is structured as an all-stock transaction, AT&T would receive $43 billion 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.The Boards of Directors of both AT&T and Discovery have approved the transaction.MORE
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