Discovery, and an interim wordmark was unveiled with the tagline "The stuff that dreams are made of", a line from the 1941 Warner Bros. On June 1, 2021, it was announced that the merged company would be known as Warner Bros. The company will aim to expand their streaming services, which includes WarnerMedia's HBO Max, to reach 400 million global subscribers. Zaslav stated that the two companies would spend a combined US$20 billion annually on content (outpacing Disney, Netflix and ). The new company will be led by Discovery's current CEO, David Zaslav, while WarnerMedia's CEO Jason Kilar's position in the new company is uncertain. AT&T will receive US$43 billion in cash and debt from the spin-off. The merger, scheduled to be completed in mid-2022, will be structured as a Reverse Morris Trust with AT&T shareholders holding a 71% interest in the new company's stock and appointing seven board members, and Discovery shareholders holding a 29% interest and appointing six board members. to form a new company, which is subject to regulatory approval. On May 17, 2021, AT&T announced that it had agreed to dispose its equity stake in wholly-owned media and entertainment subsidiary WarnerMedia (the former Time Warner, which AT&T acquired in 2018 for just over US$85 billion in an attempt to become a vertically integrated media conglomerate) and merge it with Discovery Inc. for it to merge with WarnerMedia, the parent company of Warner Bros., to form a publicly-traded company that would be divided between its shareholders. On May 16, 2021, Bloomberg News reported that AT&T was in talks with Discovery, Inc. 1.2 Beginning of operations (2022–present).Interactive Entertainment), and international networks. Networks (which comprises almost all of Discovery and WarnerMedia's cable networks, including the Turner Entertainment networks, Cartoon Network and Adult Swim, Discovery Channel and its sister networks, the former Scripps Networks Interactive channels such as Food Network and HGTV, and a stake in The CW alongside Paramount Global), Sports (which includes Discovery's Eurosport networks and WarnerMedia's Turner Sports division), Global Streaming & Interactive Entertainment (which includes the Discovery+ and HBO Max streaming services, and video game publisher Warner Bros. film and television studios, HBO, CNN, U.S. The company's properties are divided into seven business units, including the flagship Warner Bros. The company was formed through the divestment of WarnerMedia by AT&T, and its merger with Discovery, Inc. is an American multinational mass media and entertainment conglomerate headquartered at 230 Park Avenue South in Midtown Manhattan, New York City, United States. The transaction was approved by the European Commission in December 2021 and was completed on April 8, 2022, forming Warner Bros. In May 2021, AT&T announced its proposal to merge its media subsidiary WarnerMedia with Discovery, Inc. Motor Trend Group (JV with Source Interlink)Äiscovery owned or had interests in local versions of its channel brands in international markets, in addition to its other major regional operations such as Eurosport (a pan-European group of sports channels, most prominently the rightsholder of the Olympic Games throughout most of Europe), GolfTV (an international golf-focused streaming service, which is the international digital rightsholder of the PGA Tour), Discovery Communications Nordic (which operates general-interest channels in Norway, Sweden, Denmark and Finland), TVN Group in Poland, and a portfolio of various free-to-air channels in Germany, Italy, New Zealand, and the United Kingdom.
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