David Zaslav, CEO of the new combined company, Warner Bros. Discovery, will begin assessing the multi media assets this week by meeting with employees in NYC, D.C. and L.A.
Shares of Warner Brothers Discovery rose during Monday's down session, while AT&T plunged more than 18%.Under the terms of the agreement, which was structured as a Reverse Morris Trust transaction, AT&T received $40.4 billion in cash and WarnerMedia’s retention of certain debt at Friday's close. Additionally, AT&T shareholders received 0.241917 shares of WBD for each share of AT&T common stock they held at close.
In total, AT&T shareholders received 1.7 billion shares of WBD, representing 71% of WBD shares on a fully diluted basis. Discovery’s existing shareholders own the remainder of the new company.AT&T CEO John Stankey said that Discovery is "well positioned to lead the transformation that’s taking place across media and entertainment, direct-to-consumer distribution and technology.
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