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The
combined company, Warner Bros Discovery Inc, will start trading
on the Nasdaq on Monday under the ticker symbol "WBD".
In May last year, the companies set out to merge and become a
standalone media business, with AT&T aiming to focus more on its
wireless ambitions and Discovery looking to beef up its content
library.
"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," AT&T Chief Executive Officer John Stankey said
in a statement.
Warner Bros Discovery's portfolio includes Discovery Channel,
Warner Bros. Entertainment, CNN, HBO, Cartoon Network; streaming
services Discovery+ and HBO Max; and franchises like "Batman"
and "Harry Potter".
A top priority for David Zaslav, the long-time Discovery veteran
leading the combined entity, is to make streaming video as
profitable as the old TV business, analysts said.
Discovery On Thursday announced the executive team to lead the
new Warner Bros Discovery (WBD), leaning heavily on a trusted
group of lieutenants, many of whom have worked with its chief
executive since his days at NBC.
Nine high-level WarnerMedia executives, including Chief
Executive Jason Kilar and Studios and Network chief Ann Sarnoff,
announced their exits ahead of the formation of the combined
company earlier this week.
(Reporting by Eva Mathews and Yuvraj Malik in Bengaluru; Editing
by Maju Samuel)
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