AT&T will pay Discovery a $1.77 billion breakup fee if it backs out of its deal to sell off its WarnerMedia segment, according to a Plan of Merger filed on Thursday.If Discovery backs out of the deal, it will owe AT&T a breakup fee of $720 million.
The terms were disclosed in a filing on Thursday. If regulators kill the deal, no party will have to pay a breakup fee. The deal is expected to close by mid-2022.
The plan of merger also states that Discovery will set the size of its board of directors at 13 members, consisting of five directors designated by it board, as well as Discovery CEO David Zaslav.
In addition, seven directors will be designated by AT&T. The telecom will also select the chairperson of the Discovery board.
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