Big Law
Warner Bros. Discovery Discloses New Merger Details
In its form S-4 filing with the SEC Thursday, Discovery Inc. outlined new details about its pending merger with WarnerMedia, including a period of time in late April when the deal talks nearly fell apart.
The Discovery-WarnerMedia merger began Feb. 13, 2021, when Discovery CEO David Zaslav reached out to AT&T CEO John Stankey. Talks picked up in March as Stankey and Zaslav hammered out details, the Newhouse family and John Malone were consulted, and boutique investment bank Allen & Co. was brought on as an adviser.
In late April, however, talks stalled. AT&T had set up a virtual data room where Discovery and its advisers could access financial data.
