New Warner Bros Discovery Firm to Take on Netflix and Disney

Discovery and telecommunications company AT&T announced that they have completed the deal by integrating the WarnerMedia business with Discovery and competing with other streaming giants such as Netflix and Disney.

This combination will create Warner Bros. Discovery, the world's leading independent media and entertainment company, which will start trading on April 11 on Nasdaq under the new ticker symbol "WBD".

Warner Bros. Discovery will create and distributes the world's most diverse and comprehensive portfolio of content, brands and franchises for television, movies and streaming.

Under the terms and conditions configured as a Reverse Morris Trust transaction, AT&T received $40.4 billion in cash and WarnerMedia confiscated certain debt at the time of closing. In addition, AT&T shareholders received 0.241917 WBD shares for each AT&T common stock held at the time of closing.

Existing shareholders of Discovery will own the rest of the new company. In addition to the new  WBD common stock, AT&T shareholders will continue to hold the same number of AT&T common stock that they held shortly before the closing of the transaction.