“On April 18, 2021, having determined that no material progress had been made between the parties with respect to relative valuations and other key deal terms, AT&T revoked Discovery’s and its advisors’ access to AT&T’s data room.” the filing states. “Also on April 18, 2021, a representative of LionTree had a call with Mr. Zaslav regarding the status of the proposed transaction and whether there was a path for continued engagement between the parties.
Zaslav and Discovery CFO Gunnar Weidenfels would make their pitch to Discovery’s board, with multiple different projections of the combined company’s future prospects. The board would ultimately give the executive the green light to continue talks, and after Zaslav made Stankey a new offer, AT&T reinstated access to the virtual data room.
There were other hiccups, including negotiations with the Newhouse family over compensation for giving up preferred shares, discussions around Zaslav’s new contract, and whether AT&T would be willing to agree to not take higher offers for WarnerMedia from other parties, but ultimately the deal was sealed early in the morning of May 17, at AT&T’s Dallas, Texas headquarters.
The filing also detailed that the merged entity’s planned stock symbol will be “WBD” and that the stock will trade on the Nasdaq.
This deal makes me really fucking upset and I'm going to shine a light on the financial depravity and outright insult to Hollywood that is happening here. Reverse Morris bullshit bullshit blah blah blah.
I got to admit that's a pretty good one. Better than t because nobody would have assumed that for Warner Brothers
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