Quote:
Originally Posted by epsilon
That's fair enough but you said "71% of the venture will be owned by WB's parent company". The parent company is AT&T. WarnerMedia will be spun off so, other than sharing some of the same shareholders, AT&T will have no control over the new company.
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Fair enough, spot on yet again. Sorry. I cut'n'pasted details in a post almost a week ago (see bottom) and didn't even get it correct then
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I suppose I should've said the Discovery guy's new job at the top of the new company doesn't necessarily mean Discovery employees are in charge, the WB staff might have most of the other top jobs.
The bit I posted almost a week ago & misremembered
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"
Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt, and AT&T’s shareholders would receive stock representing 71% of the new company; Discovery shareholders would own 29% of the new company. The Boards of Directors of both AT&T and Discovery have approved the transaction."
Source : Discovery's Corporate News site
https://ir.corporate.discovery.com/n...t/default.aspx