Discovery Says Deal With AT&T Has Cleared Antitrust Review

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Deal expected to close during second quarter

Warner Bros. Discovery
(Image credit: Warner Bros. Discovery)

Discovery said Wednesday that it and AT&T have cleared antitrust review by the Justice Department and the Federal Trade Commission for AT&T’s proposed spin off of WarnerMedia and its sale to Discovery.

The $43 billion deal will create Warner Bros. Discovery.

"The [Hart-Scott-Rodino] Act statutory waiting period has expired or otherwise been terminated, and any agreement not to consummate the transaction between the parties and the Federal Trade Commission or the Antitrust Division of the United States Department of Justice or any other applicable governmental entity, has also expired or otherwise been terminated,” Discovery said in a filing with the Securities and Exchange Commission.

Also: AT&T Investors Bail as Discovery Close Nears

AT&T has previously said that it expects the transaction to close in the second quarter.

Earlier this month, AT&T said that the transaction will be structured as a spinoff of WarnerMedia that will leave AT&T shareholders with a 71% stake in the new company. ■

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.