Discovery Shareholders Approve WarnerMedia Acquisition

Discovery March 11 announced that its shareholders have approved various matters relating to its $43 billion acquisition of WarnerMedia from AT&T to create the new media company Warner Bros. Discovery. The transaction affords Discovery minority ownership and majority control of WarnerMedia assets, which include Warner Bros. Pictures, Turner and HBO, including subscription streaming service HBO Max.

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At the special meeting of Discovery shareholder held earlier today (March 11), based on estimated preliminary voting results, stockholders voted to approve the charter amendment proposals, share issuance proposal and the advisory (non-binding) compensation proposal. The approvals mark the completion of one of the few remaining closing conditions for the merger.  These preliminary voting results will be updated through a regulatory filing to reflect the final certification of results from Discovery’s Inspector of Election.

The acquisition is expected to close early in the second quarter of 2022, subject to other customary closing conditions. The boards of directors of both AT&T and Discovery have now approved the transaction.

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