After nearly a year’s worth of efforts, AT&T’s (T) WarnerMedia unit has finally completed its merger with Discovery. Starting today, the two newly-weds will trade on the Nasdaq under the name Warner Bros Discovery Inc and ticker symbol “WBD”.
The merger was first proposed last May, with AT&T looking to focus more on its media and entertainment business and Discovery hoping to increase its content library. Their combined portfolio now includes Discovery Channel, Warner Bros. Entertainment, CNN, HBO, and Cartoon Network as well as the Discovery+ and HBO Max streaming services.
Long-time Discovery executive David Zaslav has been tasked with leading Warner Bros Discovery. According to analysts, Zaslav’s goal is to make streaming as profitable as the old TV business model used to be.
Why it matters
AT&T's next big goal is to focus on its rollout of 5G. According to CEO John Stankey, "with the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum."
