Shareholders of Discovery on Friday approved its upcoming merger with WarnerMedia, which will set the stage for the two companies to merge in a matter of weeks.
Discovery said in a statement that, with shareholder approval, it “marks the completion of one of the few remaining closed conditions for the merger.”
The merger cleared the regulatory hurdle in February, making Friday’s shareholder vote possible, which was widely expected to pass. John Malone, billionaire chairman of Liberty Media and the Newhouse family owned by Condડે Nast, controls more than 40 percent of the votes among Discovery shareholders and blessed the merger almost a year ago. Both Mr. Malone and Steven Newhouse will handle board meetings in the new Warner Bros. Discovery Company.
When merged, the newly formed Warner Bros. Combining HBO, CNN and Warner Bros., Discovery will be one of the largest media companies in the country. Movie and TV studios with Discovery’s vast unscripted entertainment empire. It will also bring HBO Max and Discovery + streaming services under one roof. CNN announced on Friday that its streaming service, CNN +, will launch one month at $ 6 on March 29.
With the shareholder’s vote coming out, there are only a few steps left before the deal closes. Discovery will continue to raise more than $ 30 billion in debt for the new company. AT&T, the telecommunications giant that currently owns WarnerMedia, will need a few more weeks to finish spinning its entertainment division.
On Friday, AT&T executives appeared quite ready to turn the page in their unfortunate Hollywood. At a virtual meeting for investors on Friday, AT&T executives rarely mentioned WarnerMedia, and instead focused on broadband and its wireless service. “We are nearing the beginning of a new era for AT&T,” said John Stankey, AT&T’s chief executive.