BURBANK, Calif., June 1, 2021 /PRNewswire/ -- Discovery, Inc.
(NASDAQ: DISCA, DISCB, DISCK) today announced the new name of the
proposed standalone global entertainment company that will emerge
from the combination of WarnerMedia and Discovery assets: "Warner
Bros. Discovery." The Warner Bros. Discovery name will honor,
celebrate and elevate the world's most-storied creative studio in
the world with the high quality, global nonfiction storytelling
heritage of Discovery.
David Zaslav, President and CEO
of Discovery and the future CEO of the proposed Warner Bros.
Discovery combined company, unveiled the new name to WarnerMedia
employees from the Warner Bros. studio lot in Burbank, CA, where he said:
"Warner Bros. Discovery will aspire to be the most
innovative, exciting and fun place to tell stories in the
world - that is what the company will be about. We love
the new company's name because it represents the combination of
Warner Bros.' fabled hundred year legacy of creative,
authentic storytelling and taking bold risks to bring the
most amazing stories to life, with Discovery's global brand that
has always stood brightly for integrity, innovation and
inspiration. There are so many wonderful, creative and journalistic
cultures that will make up the Warner Bros. Discovery family. We
believe it will be the best and most exciting place in the world to
tell big, important and impactful stories across any genre – and
across any platform: film, television and streaming."
The initial wordmark for the proposed company includes the
iconic line from the Maltese Falcon, "the stuff that dreams
are made of," an additional homage to the rich legacy of Warner
Bros. and the focus of what the proposed company will be about.
In May, AT&T and Discovery reached a definitive agreement to
combine WarnerMedia's premium entertainment, sports and news assets
with Discovery's leading nonfiction and international entertainment
and sports businesses to create a single company.
Warner Bros. Discovery will bring together the strongest
leadership teams, content creators, and high-quality series and
film libraries in the media business, while accelerating both
companies' plans for leading direct-to-consumer (DTC) streaming
services for global consumers. The new company will unite
complementary and diverse content strengths with broad appeal —
WarnerMedia's robust studios and portfolio of iconic scripted
entertainment, animation, news and sports with Discovery's global
leadership in unscripted and international entertainment and
sports.
The "pure play" content company will own one of the deepest
libraries in the world with nearly 200,000 hours of iconic
programming and will bring together over 100 of the most cherished,
popular and trusted brands in the world under one global portfolio,
including: HBO, Warner Bros., Discovery, DC, CNN, WB Games,
Turner Sports, Cartoon Network,
HGTV, Food Network, TNT, TBS, Turner Classic Movies, Wizarding
World, Adult Swim, Eurosport, Magnolia, TLC, Animal Planet, ID and
many more.
Warner Bros. Discovery will be able to increase investment and
capabilities in original content and programming; create more
opportunity for under-represented storytellers and independent
creators; serve customers with innovative video experiences and
points of engagement; and propel more investment in high-quality,
family-friendly nonfiction content.
More information on the agreement between AT&T and Discovery
can be found in the initial press release here. A webcast of the
May 17 virtual press conference with
John Stankey and David Zaslav is available on AT&T's and
Discovery's Investor Relations websites
at https://investors.att.com/ and
https://ir.corporate.discovery.com/investor-relations.
Cautionary Statement Concerning Forward-Looking
Statements
Information set forth in this communication,
including financial estimates and statements as to the expected
timing, completion and effects 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 might differ
materially. Such estimates and statements include, but are
not limited to, statements about the benefits of the transaction,
including future financial and operating results, the combined
Spinco and Discovery company's plans, objectives, expectations and
intentions, and other statements that are not historical
facts. Such statements are based upon the current beliefs and
expectations of the management of AT&T and Discovery and are
subject to significant risks and uncertainties outside of our
control. Among the risks and uncertainties that could
cause actual results to differ from those described in the
forward-looking statements are the following: the occurrence of any
event, change or other circumstances that could give rise to the
termination of the proposed transaction; the risk that Discovery
stockholders may not approve the transaction proposals; the risk
that the necessary regulatory approvals may not be obtained or may
be obtained subject to conditions that are not anticipated; risks
that any of the other closing conditions to the proposed
transaction may not be satisfied in a timely manner; risks that the
anticipated tax treatment of the proposed transaction is not
obtained; risks related to potential litigation brought in
connection with the proposed transaction; uncertainties as to the
timing of the consummation of the proposed transaction; risks and
costs related to the implementation of the separation of
Spinco, including timing anticipated to complete the separation,
any changes to the configuration of the businesses included in the
separation if implemented; the risk that the integration of
Discovery and Spinco being more difficult, time consuming or costly
than expected; risks related to financial community and rating
agency perceptions of each of AT&T and Discovery and its
business, operations, financial condition and the industry in which
it operates; risks related to disruption of management time from
ongoing business operations due to the proposed merger; failure to
realize the benefits expected from the proposed merger; effects of
the announcement, pendency or completion of the proposed merger on
the ability of AT&T, Spinco or Discovery to retain customers
and retain and hire key personnel and maintain relationships with
their suppliers, and on their operating results and businesses
generally; and risks related to the potential impact of general
economic, political and market factors on the companies or the
proposed transaction. The effects of the COVID-19 pandemic
may give rise to risks that are currently unknown or amplify the
risks associated with the foregoing factors.
These risks, as well as other risks associated with the proposed
transaction, will be more fully discussed in the proxy
statement/prospectus that will be included in the registration
statements that will be filed with the SEC in connection with the
proposed transaction. Discussions of additional risks and
uncertainties are contained in AT&T's and Discovery filings
with the Securities and Exchange Commission. Neither AT&T
nor Discovery is under any obligation, and each expressly disclaims
any obligation, to update, alter, or otherwise revise any
forward-looking statements, whether written or oral, that may be
made from time to time, whether as a result of new information,
future events, or otherwise. Persons reading this announcement are
cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date hereof.
Additional Information and Where to Find It
This
communication may be deemed to be solicitation material in respect
of the proposed transaction between AT&T, Spinco, and
Discovery. In connection with the proposed transaction,
AT&T, Spinco and Discovery intend to file relevant materials
with the Securities and Exchange Commission ("SEC"), including a
registration statement on Form S-4 by Discovery that will contain a
prospectus of Discovery and Spinco that also constitutes a proxy
statement of Discovery, and a registration statement by
Spinco. This communication is not a substitute for the
registration statements, proxy statement/prospectus or any other
document which AT&T, Spinco or Discovery may file with the
SEC. STOCKHOLDERS OF AT&T AND DISCOVERY ARE URGED 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 security holders will be able to
obtain copies of the proxy statement/prospectus (when available) as
well as other filings containing information about AT&T, Spinco
and Discovery, without charge, at the SEC's website,
http://www.sec.gov. Copies of documents filed with the SEC by
AT&T or Spinco will be made available free of charge on
AT&T's investor relations website at https://investors.att.com.
Copies of documents filed with the SEC by Discovery will be made
available free of charge on Discovery's investor relations website
at https://ir.corporate.discovery.com/investor-relations.
About Discovery
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
inspires, informs and entertains. Discovery delivers over 8,000
hours of original programming each year and has category leadership
across deeply loved content genres around the world. Available in
over 220 countries and territories and nearly 50 languages,
Discovery is a platform innovator, reaching viewers on all screens,
including TV Everywhere products such as the GO portfolio of apps;
direct-to-consumer streaming services such as discovery+, Food
Network Kitchen and MotorTrend OnDemand; digital-first and social
content from Group Nine Media; a landmark natural history and
factual content partnership with the BBC; and a strategic alliance
with PGA TOUR to create the international home 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 forthcoming multi-platform
JV with Chip and Joanna Gaines,
Magnolia Network, as well as OWN: Oprah Winfrey Network in the
U.S., Discovery Kids in Latin
America, and Eurosport, the leading provider of 3 locally
relevant, premium sports and Home of the Olympic Games across
Europe. For more information,
please visit corporate.discovery.com and follow
@DiscoveryIncTV across social platforms.
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SOURCE Discovery, Inc.