AT&T said it received a “favorable” ruling from the IRS, signaling that the deal to combine WarnerMedia with Discovery would be tax -free for shareholders.
Discovery CEO David Zaslav will run the proposed new company, which would bring together some of the best-known TV channels and Warner Bros. studio.of Discovery’s plans last week. David Zaslav, Discovery’s president and CEO, called it “a key milestone toward completing our proposed transaction with AT&T.”
“Today we move one important step closer to creating Warner Bros. Discovery, a premier entertainment company that will be one of the world’s leading investors in premium content and one positioned to serve consumers with what we believe will be the most complete content offering under one roof,” Zaslav said in a statement released on Dec. 22.More than 30 Democratic lawmakers said the proposed Discovery-WarnerMedia union ‘raises significant antitrust concerns.
But the mega-deal still faces regulatory approval in the U.S. Earlier this month, more than 30 Democratic members of Congress said the deal raises antitrust concerns in a letter to U.S. Atty. Gen. Merrick Garland and Assistant Atty. Gen. Jonathan Kanter. “The merger threatens to enhance the market power of the combined firm and substantially lessen competition in the media and entertainment industry, harming both consumers and American workers,”
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