Discovery just announced that its stockholders have approved its merger with AT&T’s WarnerMedia to create Warner Bros. Discovery, “a premier, global entertainment company” — marking the completion of one of the few remaining closing conditions for the merger.The transaction will bring together WarnerMedia’s entertainment, sports and news assets with Discovery’s leading nonfiction and international entertainment and sports businesses.
Discovery CEO Davis Zaslav will lead the combined company. The two companies will take until April to wrap up the complex deal but meanwhile discussions can now accelerate on the management structure and organization of the business.The yes vote was not a surprise since major Discovery stakeholders John Malone and Advance/Newhouse had both previously agreed to back the deal.Discovery stockholders also voted to approve the charter amendment proposals, share issuance proposal and the advisory (non-binding) compensation proposal.
Discovery said preliminary voting results will be updated in an SEC filing late to reflect the final certification.The acquisition, which will create a massive new player in the media and entertainment landscape, is expected to close early in the second quarter.
The Boards of Directors of both AT&T and Discovery have approved the transaction, as have regulators.AT&T will be spinning off its entertainment assets to shareholders in the $43-billion deal.
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