Discovery Stockholders Approve Proposals Related to Discovery's Acquisition of WarnerMedia

Acquisition expected to close later this year.

March 11, 2022

Discovery

Discovery has announced the company's stockholders have approved various matters relating to the acquisition of WarnerMedia from AT&T to create Warner Bros. Discovery, Inc., a global entertainment company. The transaction will bring together WarnerMedia's entertainment, sports and news assets with Discovery's leading nonfiction and international entertainment and sports businesses.

At a special meeting of Discovery stockholders, 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. 

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.