The merger between AT&T Inc’s (T.N) WarnerMedia unit and Discovery Inc (DISCA.O) has been completed, the companies announced on Friday.
On Monday, Warner Bros Discovery Inc, the combined company, will begin trading on the Nasdaq under the ticker symbol “WBD.”
The companies announced their intention to merge and form a standalone media company in May of last year, with AT&T hoping to focus more on its wireless ambitions and Discovery looking to expand its content library.
In a statement, AT&T Chief Executive Officer John Stankey stated, “With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fibre, where we have strong momentum.”
Discovery Channel, Warner Bros. Entertainment, CNN, HBO, Cartoon Network; streaming services Discovery+ and HBO Max; and franchises such as “Batman” and “Harry Potter” are all part of Warner Bros. Discovery’s portfolio.
According to analysts, one of David Zaslav’s primary priorities as the combined entity’s CEO is to make streaming video as profitable as the old TV business.
Discovery unveiled the management team that would head the new Warner Bros Discovery (WBD) on Thursday, relying heavily on a trusted set of lieutenants, many of whom have worked with the company’s CEO since his days at NBC.
Nine high-ranking WarnerMedia officials, including CEO Jason Kilar and Studios and Networks chief Ann Sarnoff, announced their exits earlier this week, ahead of the merged company’s formation.