Discovery Stockholders Approve $43 Billion WarnerMedia Merger

during a special meeting of stockholders Friday, marking the final formal step before the transaction can close.Warner Bros. Discovery

Discovery ended 2021 with $4 billion in cash on its books and it generated some $2.4 billion in free cash flow for the year. Warner Bros. Discovery will shoulder significant debt after the transaction is complete, with Discovery executives vowing to reduce the leverage ratio from about 4.5 times earnings immediately after the deal closes to 2.5 to 3 times earnings within two years.

Stankey has hedged his bets in unloading WarnerMedia with a deal that hands control to the Discovery camp but leaves his shareholders with 71% of the enlarged company.

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