AT&T CEO John Stankey said the decision to spin off WarnerMedia — and merge it with Discovery — came down to his belief that investors have undervalued the media division under the …
— and merge it with Discovery — came down to his belief that investors have undervalued the media division under the telco’s ownership.
He acknowledged that “there’s uncertainty hanging in the stock right now,” including whether the WarnerMedia-Discovery deal will get regulatory approval and, if so, what the direct-to-consumer strategy of the combined media entity will look like. In May, AT&T and Discovery announced the proposed merger of WarnerMedia and Discovery. Under the terms of the pact, AT&T shareholders would hold 71% of the new company, while Discovery shareholders would own 29%. The new company also will assume debt carried by WarnerMedia. The deal is expected to close in mid-2022.
Regarding the progress with HBO Max, Stankey said, “I think I can definitively say we’ve established a direct-to-consumer business that has a great future.”
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