Forming a new company that will have significant scale and investment resources with projected 2023 Revenue of approximately $52 billion, adjusted EBITDA of approximately $14 billion, and an industry leading Free Cash Flow conversion rate of approximately 60%.
Uniting complementary and diverse content strengths with broad appeal - WarnerMedia’s robust studios and portfolio of iconic scripted entertainment, animation, news and sports with Discovery’s global leadership in unscripted and international entertainment and sports.
Accelerating both companies’ plans for leading direct-to-consumer (DTC) streaming services for global consumers.
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Bringing together the strongest leadership teams, content creators, and high-quality series and film libraries in the media business.
The companies expect the transaction will create substantial value for AT&T and Discovery shareholders by: The Boards of Directors of both AT&T and Discovery have approved the transaction. Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) 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.