🍿 2022-04-09 05:29:08 – Paris/France.
The new American media and Streaming Discovery of Warner Bros. was born this Friday, April 8, after completing the multi-million dollar merger of entertainment groups WarnerMedia and Discovery.
Competing with industry leaders like Netflix and Disney, Warner Bros. Discovery brings together one of the largest content libraries on the market and more than a hundred renowned brands spanning TV, film and news, including HBO, CNN, DC Comics and Eurosport.
The merger valued at around $43 trillion has passed a regulatory process since the deal was announced in May last year, which led to WarnerMedia's separation from telecommunications group AT&T.
AT&T bought WarnerMedia for around $85 billion in 2018, subjecting the conglomerate formerly known as Time Warner to restructuring and management changes.something interpreted as a failed strategy.
The new company led by David Zaslav, who has been at the head of Discovery for 15 years, confirms the trend towards concentration in the entertainment sector, also coveted by large technology companies.
In a statement, Zaslav stressed the importance of the merger for shareholders, distributors, advertisers, creative partners and consumers around the world, while predicting that "stories of impact" will be produced.
Executives of the combined companies estimated by 2023 revenue of $52 billion, gross profit of $14 billion and cost savings of $3 billion per year, which may involve cuts.
Warner Bros. Discovery is expected to begin trading on Wall Street next Monday under the tag "WBD" on the Nasdaq Composite Index, the combined companies announced.
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SOURCE: Reviews News
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