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Discovery stockholders approve WarnerMedia acquisition

March 14, 2022

Discovery has announced that the Company’s stockholders have approved various matters relating to the acquisition of WarnerMedia from AT&T to create Warner Bros Discovery.

The transaction will bring together WarnerMedia’s entertainment, sports and news assets with Discovery’s non-fiction 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.  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.

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