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Discovery Sets March 11 For Shareholder Vote On WarnerMedia Merger

Discovery has space March 11 because the date of a special shareholder meeting to protect a vote on the corporate’s proposed merger with AT&T’s WarnerMedia.

It might per chance well per chance per chance be held on-line via webcast, no in-particular person “for the health and successfully-being of our stockholders, employees and directors,” the corporate mentioned in an SEC filing Thursday. There’s no longer much doubt regarding the deal being authorized as Discovery’s most attractive shareholders John Malone and Come/Newhouse delight in each given their blessing.

The $43-billion mixture was once launched in May per chance and things delight in began to flee up. It obtained a green light from the U.S. Division of Justice earlier this week, which was once key.

AT&T shareholders don’t must vote.

As reported, the transaction requires AT&T to bolt off WarnerMedia in a major step. AT&T shareholders will secure about one fourth of a fraction in the original Warner Bros. for every AT&T fragment in hand. (So a holder of 4 shares of AT&T, for instance, would stop up with one fragment of Warner Bros. Discovery.) AT&T stockholders as a crew will stop up owning 71% of the original company, Discovery shareholders the comfort.

Discovery stockholders will even be requested to approve, on an advisory basis — which arrangement it’s non-binding — the “‘golden parachute’ compensation funds that will or would be paid by Discovery to its named government officers in connection with the merger” (long-established in deals).

Discovery CEO David Zaslav will flee the original company and Discovery CFO Gunnar Wiedenfuls, his CFO, will protect that save. That’s about all that’s known formally of the org chart — excluding that Jeff Zucker will no longer delight in a job. (He resigned as head of CNN last week for no longer disclosing a relationship with a fellow employee.)

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