Discovery Announces Official Takeover of WarnerMedia, Including TNT and TBS

Discovery shareholders have announced they have voted in favor of taking over WarnerMedia today, one of the largest media mergers ever. WarnerMedia is the parent company of TNT and TBS, which hosts AEW programming. Here’s the press release:

Discovery, Inc. Stockholders Approve Proposals Related to Discovery, Inc.’s Acquisition of WarnerMedia
New York, NY – March 11, 2022 Discovery, Inc. (NASDAQ: DISCA, DISCB, DISCK) today announced that the Company’s stockholders have approved various matters relating to the acquisition of WarnerMedia from AT&T to create Warner Bros. Discovery, Inc., a premier, global entertainment company. The transaction will bring together WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading nonfiction and international entertainment and sports businesses.

At the Special Meeting of Discovery Stockholders held earlier today, based on estimated preliminary voting results, Discovery stockholders voted to approve the charter amendment proposals, share issuance proposal and the advisory (non-binding) compensation proposal. The approvals mark the completion of one of the few remaining closing conditions for the merger. These preliminary voting results will be updated through the filing of a Current Report on Form 8-K to reflect the final certification of results from the Inspector of Election.

The acquisition is expected to close early in the second quarter of 2022, subject to other customary closing conditions. The Boards of Directors of both AT&T and Discovery have approved the transaction.