Discovery And WarnerMedia Merger Approved By Stockholders

screenrant.com:

Discovery investors met Friday and voted to approve the merger to acquire the AT&T spinoff, WarnerMedia, in what will be known as Warner Bros. Discovery with a $43 billion price tag. The purchase of WarnerMedia has already been approved by the U.S. Department of Justice, which allowed the deal to move forward without concerns of an antitrust dispute, despite concerns voiced by several congressional representatives, such as Senator Elizabeth Warren and Congresswoman Alexandria Ocasio-Cortez. In December, House Democrats, including Warren and Ocasio-Cortez, sent a letter to U.S. Attorney General Merrick Garland and Justice Department antitrust chief Jonathan Kanter expressing distrust in the deal that they argued would greatly reduce competition and hurt diversity in an already consolidated entertainment industry. Warner Bros. Discovery will put AT&T's WarnerMedia entertainment brands – such as Warner Bros. studio and its DC Films, HBO Max, and Turner cable networks such as CNN and TBS – together with Discovery brands, which include HGTV, TLC, Animal Planet, Food Network, OWN, and Discovery Channel.

The spinoff was initially announced in February, and it was shared last May that Discovery's CEO, David Zaslav, would helm what's now known as Warner Bros. Discovery. In addition to the U.S. Department of Justice, the deal has been approved by the board of directors for both AT&T and Discovery, as well as the European Commission. The proposed acquisition comes just a few short years after AT&T purchased Time Warner for $80 billion. In a show of commitment, Zaslav has shared plans to relocate to Los Angeles to run the company. The current WarnerMedia CEO will step down from his role amidst the formation of the new media company.