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Discovery and WarnerMedia Reveal Name of Merged Company
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thewrap.comannounced on May 17 it was spinning off WarnerMedia into an independent company that will merge with Discovery, Inc. The full valuation of the newly combined company is estimated to be $130 billion, TheWrap has learned.Zaslav will lead the new company as its CEO after the deal closes, which is expected to occur in mid-2022.
No position has been designated yet for Kilar, who was named CEO of WarnerMedia last year. Kilar told WarnerMedia employees last week that he intends to remain CEO of WarnerMedia through 2022.Under the terms of the all-stock agreement, AT&T will receive $43 billion (a figure subject to adjustment) in a combination of cash, debt securities and WarnerMedia’s retention of certain debt, and AT&T’s shareholders will receive.
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