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European Commission grants approval for Discovery acquisition of WarnerMedia -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is the Discovery, Inc. logo on merchandise in New York City’s FAO Schwarz Toy Store, New York City, U.S.A, November 24, 20,21. REUTERS/Andrew Kelly

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(Reuters) – Discovery (NASDAQ:) Inc said on Wednesday the European Commission has granted unconditional antitrust approval to its proposed acquisition of WarnerMedia assets from AT&T Inc (NYSE:).

This regulatory approval brings the transaction one step closer towards being completed. Discovery said that WarnerMedia’s transaction with Discovery will be completed by mid-2022 subject to regulatory approvals.

AT&T announced in May that it would spin off its WarnerMedia division and merge it with Discovery, effectively unwinding its $85 billion acquisition of Time Warner that closed in 2018.

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