Discovery-WarnerMedia deal clears U.S. antitrust review

Reuters

– Media company Discovery Inc’s plan to acquire venerable film and TV studio WarnerMedia has passed the U.S. Department of Justice’s antitrust review, clearing another hurdle toward closing, according to a regulatory filing on Wednesday.

The $43 billion deal, which was announced last May, received unconditional antitrust clearance from the European Commission in December. WarnerMedia parent AT&T Corp has also received a letter from the Internal Revenue Service approving the merger’s tax-free status, another key requirement for the closing.

The deal now awaits approval by Discovery’s shareholders. It already has the support of investors John Malone and the Newhouse family.

Related News:   Florida Issues Warning to Aspiring Home Squatters

AT&T announced on Feb. 1 that it would spin off WarnerMedia to its shareholders, who will own 71% of the new Warner Bros. Discovery company. The deal unwinds AT&T’s $85 billion purchase of Time Warner.


(This story corrects million to billion in paragraph 2.)


(Reporting by Dawn Chmielewski Editing by MarkPotter)

tagreuters.com2022binary_LYNXMPEI180OY-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.