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• The combined company will start trading from Monday under the ticker symbol “WBD”
AT&T Inc’s (NYSE: T) WarnerMedia unit and Discovery Inc (NYSE: DISCA) announced the completion of their merger on Friday.
The combined company, known as Warner Bros Discovery Inc, will start trading from Monday under the ticker symbol “WBD.”
“With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum,” AT&T Chief Executive Officer John Stankey said in a statement.
The completion of the merger comes after almost a year when the companies signed a $43 billion deal. The new conglomerate will be led by the longtime Discovery CEO David Zaslav as CEO.
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Warner Bros Discovery will include Discovery Channel, Warner Bros. Entertainment, CNN, HBO, Cartoon Network, and the streaming services Discovery+ and HBO Max.
“With our collective assets and diversified business model, Warner Bros. Discovery offers the most differentiated and complete portfolio of content across film, television and streaming,” said Zaslav.
Earlier this week, nine high-level WarnerMedia executives, including Chief Executive Jason Kilar resigned ahead of the new combined company.
Picture Credits: Reuters