A quintet of law firms, including Sullivan & Cromwell and Debevoise & Plimpton, is leading AT&T Inc.`s $43 billion deal to split its WarnerMedia unit and merge with reality tv company Discovery Inc. Discovery, Inc. (Nasdaq: DISCA, DISCB, DISCK) is a global leader in real-life entertainment, serving a passionate audience of superfans around the world with content that informs and entertains. Discovery offers more than 8,000 hours of original programming each year and is a leader in popular content genre categories around the world. Available in more than 220 countries and territories and nearly 50 languages, Discovery is a platform innovator that reaches viewers on all screens, including TV Everywhere products such as the GO app portfolio. Live streaming services to consumers such as discovery+, Food Network Kitchen and MotorTrend OnDemand; Group Nine Media`s digital and social media content; a pioneering partnership in natural history and factual content with the BBC; and a strategic alliance with the PGA TOUR to create the international cradle of golf. Discovery`s portfolio of premium brands includes Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, MotorTrend, Animal Planet, Science Channel and the upcoming cross-platform joint venture with Chip and Joanna Gaines, Magnolia Network as well as OWN: Oprah Winfrey Network in the US, Discovery Kids in Latin America and Eurosport, the leading provider of 3 locally relevant high-end sports hosting the Olympic Games across Europe. For more information, please visit corporate.discovery.com and follow @DiscoveryIncTV on social platforms. The information contained in this press release, including financial estimates and statements regarding the expected timing, completion and impact of the proposed transaction between AT&T, Magallanes, Inc. (“Spinco”) and Discovery, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These estimates and statements are subject to risks and uncertainties, and actual results may differ materially. These estimates and statements include, but are not limited to, statements regarding the benefits of the transaction, including future financial and operating results, plans, objectives, expectations and intentions of the spinco and Discovery companies combined, and other statements that are not historical facts. These statements are based on the current beliefs and expectations of AT&T and Discovery management and are subject to material risks and uncertainties beyond our control.
The effects of the COVID-19 pandemic may result in currently unknown risks or increase the risks associated with the above factors. In addition to Eric, Melissa and Isaac, Frank Aquila and Andrew Gerlach were also named Negotiator of the Year for Canadian Pacific`s acquisition of Kansas City Southern. S&C`s lawyers have been named Dealmakers of the Year a total of 25 times by The American Lawyer over the past 24 years, most of them from all law firms. Sierra Jackson reports on legal issues related to major mergers and acquisitions, including transactions, litigation and regulatory changes. The Company represented Discovery in connection with the purchase of a $195 million minority interest in Lions Gate Entertainment Corp in 2015. Debevoise also partnered with Discovery when the media company acquired Scripps Networks Interactive Inc in a $14.6 billion deal in 2018. Levitsky took the lead in buying and acquiring shares, according to the company`s press releases. The merger transaction, which is expected to close in mid-2022, is between Discovery`s global sports and entertainment and non-fiction businesses and WarnerMedia`s premium sports, entertainment and information businesses. The new autonomous entity will be led by David Zaslav, President and CEO of Discovery.
It is hoped that the merger will allow the two companies to accelerate progress towards a direct-to-consumer offer for international customers. The new company will compete globally in the rapidly growing direct-to-consumer business, providing engaging content to DTC subscribers across its portfolio, including HBO Max and the recently launched discovery+. The transaction will combine WarnerMedia`s library of historical content with popular and valuable intellectual property with Discovery`s global presence, local language content pool and deep regional expertise in more than 200 countries and territories. The new company will be able to invest in more original content for its streaming services, improve programming options for its global linear pay and broadcast channels, and deliver more innovative video experiences and consumer choices. In today`s column, Linklaters launched a privacy practice in the U.S. with experts poached by Prudential; Covington & Burlington allegedly paid severance pay to former CBS CEO Les Moonves for an alleged breach of confidentiality; Some firms are gradually moving toward office returns, but New York-based law firm Wigdor wants everyone back on July 6. This announcement may be considered promotional material relating to the proposed transaction between AT&T, Spinco and Discovery. In connection with the proposed transaction, AT&T, Spinco and Discovery intend to file the relevant documents with the Securities and Exchange Commission (“SEC”), including a registration statement on Form S-4 by Discovery, which will include a prospectus of Discovery and Spinco, which is also a proxy circular of Discovery, and a registration statement from Spinco. This announcement does not replace any registration statements, proxy statement/prospectus or other documents that AT&T, Spinco or Discovery may file with the SEC. SHAREHOLDERS OF AT&T AND DISCOVERY ARE ENCOURAGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and securityholders may obtain copies of the proxy statement/prospectus (if any) and other documents containing information about AT&T, Spinco and Discovery free of charge from the SEC`s website www.sec.gov. Copies of documents filed with the SEC by AT&T or Spinco are provided free of charge on AT&T`s investor relations website under investors.att.com.
Copies of Discovery`s filings with the SEC are provided free of charge on Discovery`s investor relations website under ir.corporate.discovery.com/investor-relations.