AT&T to spin off WarnerMedia and combine it with Discovery in a $43B deal; the new company will be run by Discovery CEO David Zaslav
New York (CNN Business)The streaming TV race is about to get even more competitive. — On Monday morning AT&T (T) and Discovery, Inc. (DISCA) …
CNN Brian Stelter
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Discussion
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@sherman4949
Alex Sherman
on x
David Zaslav officially will run the combined company. AT&T will nominate 7 members of the board including a chairperson TBD. Discovery will nominate 6, one of which will be Zaslav.
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@carnage4life
Dare Obasanjo
on x
Verizon spins out Yahoo/AOL and now AT&T spins out WarnerMedia. These mergers never made sense since only synergy they brought was anti-competitive (i.e charging users less for HBO traffic vs Netflix) Highlights the importance of having an actual strategy https://www.cnn.com/...
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@loudmouthjulia
Julia Alexander
on x
“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.” AT&T paid $85 billion for Time Warner in 2018.
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@sherman4949
Alex Sherman
on x
A quick note here: what a win for David Zaslav, who goes from running an after-thought media company to one of the biggest media companies.
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@sarafischer
Sara Fischer
on x
The new company will have live sports, news, lifestyle content. (CNN included in deal, Zaslav gave Zucker a shout-out as a friend) — Zaslav says he'll strive to drive the greatest creative culture in media today. Says he will have an office on the WB lot. https://www.axios.com/..…
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@zakiscorner
Zaki Hasan
on x
No idea what this means in the long term, but I do feel comfortable saying the folks who think this is because of WB's handling of certain superhero properties should probably get out more. https://www.cnbc.com/...
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@ampressman
Aaron Pressman
on x
Discovery CEO David Zaslav emphasizes his top priority is having good relationships with content producers. Is that throwing shade on Warner Media's decision to put 1st run movies on HBO Max? $T
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@sivavaid
Dr. Siva Vaidhyanathan
on x
If you follow the long story of media ownership over the past 40 years you see a constant churn of consolidation and spinning off, debt and more debt, with no discernible pattern and general failure all around. No model works better than any other. https://twitter.com/...
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@ampressman
Aaron Pressman
on x
Yep: “AT&T will have better flexibility to spend on 5G and fiber.” - AT&T CEO John Stankey in call with the media $T
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@bdsams
Brad Sams
on x
Verizon spins out AOL/Yahoo AT&T spins out WarnerMedia And so ends the legacy carriers trying to re-invent themselves as anything other than a ‘dumb pipe’ that they feared many years ago.
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@jbflint
Joe Flint
on x
HBO Max is an established US domestic streaming leader says AT&T CEO John Stankey, but to keep pace and maintain a leadership position need global scale, access to capital and industry-best talent." Hence a deal with Discovery.
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@martinsfp
Martin Sfp Bryant
on x
AT&T is spinning off WarnerMedia just a couple of weeks after Verizon offloaded AOL and Yahoo. US telcos reining their focus back in? https://www.nytimes.com/...
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@trengriffin
Tren Griffin
on x
6/ If you read the articles today on the potential combination, everyone has a different take on AT&T's debt level. AT&T debt currently totals nearly $180 billion. https://www.google.com/... AT&T has been grappling with the enormous $170 billion-plus debt https://www.google.com/.…