WarnerMedia and Discovery announced the proposed combination on May 17, 2021, valuing the transaction at about $43 billion and envisioning a new standalone, publicly traded entertainment company.
True
WarnerMedia and Discovery announced on May 17, 2021 that they would combine in a $43 billion transaction and create a new publicly traded entertainment company.
Warner Bros. Discovery - AT&T's WarnerMedia And Discovery, Inc. Creating Standalone Company By Combining Operations To Form New Global Leader In Entertainment
Source: ir.corporate.discovery.com
At a glance
Verified September 1, 2026Key Evidence
The companies’ May 17, 2021 announcement and AT&T’s accompanying filing identified the transaction as an approximately $43 billion combination of WarnerMedia and Discovery assets.
The announcement described the intended result as a new standalone global entertainment company, with the later Warner Bros. Discovery branding and public-company structure reflecting that plan.
The proposed transaction subsequently closed on April 8, 2022, confirming that the announcement was not merely speculative, although the original statement accurately describes the deal at its announcement stage.
The reporting
What the Evidence Shows
AT&T and Discovery announced a definitive agreement on May 17, 2021, to combine AT&T’s WarnerMedia assets with Discovery’s entertainment and sports businesses. The announcement described an all-stock Reverse Morris Trust transaction in which AT&T would receive approximately $43 billion through a combination of cash, debt securities and WarnerMedia’s retention of certain debt. It also said the transaction would create a standalone global entertainment company.ir.corporate.discovery.comir.corporate.discovery.comWarner Bros. Discovery
investors.att.cominvestors.att.comAT&T’s WARNERMEDIA AND DISCOVERY, INC. CREATING STANDALONE COMPANY BY
Primary trail
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