By Syndicated Content
May 18, 2021 | 2:55 PM
(Reuters) â Discovery Inc extended Chief Executive Officer David Zaslavâs employment contract through Dec. 31, 2027, as he is expected to lead the proposed new company to be created by combining media assets with AT&T Inc.
Discovery and AT&T, owner of HBO and Warner Bros studios, said on Monday they will form a standalone global entertainment and media business. The enterprise value of the company will be more than $120 billion, carrying $58 billion in debt, including $43 billion from WarnerMedia and $15 billion from Discovery. (https://reut.rs/3eZjyT6)
Discovery said on Tuesday the contract extension for Zaslav, whose previous contract with the company ran through 2023, was made in connection with the agreement between AT&T and Discovery.
David Zaslav will lead combined media behemoth
Tony Maglio | May 17, 2021 @ 4:29 AM
AT&T announced Monday that it was spinning off WarnerMedia into an independent company that will merge with Discovery Inc. and be run with Discovery CEO David Zaslav.
Under the terms of the all-stock agreement, AT&T will receive $43 billion (a figure subject to adjustment) in a combination of cash, debt securities and WarnerMedia’s retention of certain debt, and AT&T’s shareholders will receive stock representing 71% of the new company. Discovery shareholders will own 29% of the new company, which Zaslav said would announced its new name in coming days. The boards of directors at both companies have approved the merger.
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