WarnerMedia-Discovery Merger Approved by U.S. Antitrust
by Emily Nagle
The long-discussed WarnerMedia-Discovery merger is one step closer to becoming a reality after being approved by the U.S. Department of Justice, Discovery announced on Wednesday.
After being approved by the IRS and the European Commission back in December, this legal approval was the final hurdle to pass needed before the deal gets finalized.
Expected to pass in the second quarter of 2022, the $43 billion deal will consolidate the assets of WarnerMedia – which include the Warner Bros. movie studio and channels such as HBO, CNN, and TBS – with those of Discovery, which is known for channels like TLC, Animal Planet, and HGTV.
On March 11, Discovery will hold a virtual shareholder meeting to vote on the acquisition. AT&T shareholders will not be voting.
The conglomerate resulting from the deal will be known as Warner Bros. Discovery; the new moniker and logo were unveiled on Twitter last summer. Discovery CEO David Zaslav will oversee the company, in addition to CFO Gunnar Wiedenfuls.