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Discovery shareholders approve WarnerMedia acquisition -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: AT&T brand is seen on a smartphone in entrance of displayed Discovery and Warner Media logos on this illustration taken Might 17, 2021. REUTERS/Dado Ruvic/

(Reuters) – Discovery (NASDAQ:) Inc shareholders voted Friday to approve the media firm’s $43 billion merger with WarnerMedia, shifting the deal one step nearer to completion.

The result was all however assured, as two of Discovery’s main buyers, John C. Malone and Advance/Newhouse, agreed to vote their shares in favor of the merger. They collectively characterize 43% of Discovery’s voting shares.

In Might, AT&T (NYSE:) introduced it will spin-off WarnerMedia, whose belongings embrace HBO, CNN and the Warner Bros. studio, and merge it with Discovery. The mix would create one of many world’s largest media firms with a breadth of well-known movie franchises and tv sequence, together with Harry Potter, the Lord of the Rings, “Succession” and the reality-series “90 Day Fiance” and “Property Brothers.”

Discovery shareholders accredited constitution amendments, a share issuance proposal and golden parachute funds to executives, in case the transaction fails to shut.

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