Filed by: AT&T Inc.
Commission File No.: 001-08610
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Discovery, Inc. (Commission File No.: 001-34177)
The following communications were made to the public during the Q2 2021 AT&T Inc. Earnings Call on July 22, 2021:
Simon William Flannery Morgan Stanley, Research Division:
Okay. So the articles in the newspaper that covered this transaction, you said that, The head of Discovery called you up and said he wanted to talk with
you, and so forth. Suppose he hadnt called you up, would you have done something like this anyway, or did you need him to call you up to think it was a good idea to do this?
John Stankey AT&T Inc. -CEO, President and Director:
I think the net of where we are in the discovery process is no news is good news. Were basically tracking through the process as we would expect to do.
And I think youre probably familiar enough with these things. But right now, its a lot of work with the regulatory agencies and document production, and providing information thats responsive to their request so that they can begin
their reviews. And all that is underway. Theres nothing we see in that thats been particularly problematic nor is it far enough along, where I think you can effectively say that anybody has developed any position or point of view on
something.
So we continue to move through, and I would tell you, internally, all the normal steps are going on to be prepared operationally for when we
would expect an approval. I think, as I indicated when we announced the transaction, Simon, we expected it was going to be next year and probably close to a full year review to get this done. And I dont have any reason to suggest its
going to be anything other than that at this point.
Weve had some interesting and pleasant surprises. In some cases, I think we moved through the
DIRECTV process a little bit faster than what we had expected. Its not a complicated transaction. I think that certainly supports it. And if we were to be fortunate enough to do that because of the straightforward nature of the transaction,
well take it, and well be prepared for that if that were to happen. But at this point, Im expecting its going to be a full and fulsome review. And well run through the process as we normally do and get to the end of it
and probably have, as we approach the latter part of it, a little bit more insight for you as to whats going on. Its just a little early. Jeff?
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