Those remaining with the new company include Casey Bloys, the chief content officer of HBO/HBO Max (who will be adding Chip and Joanna Gaines’ Magnolia Network to his responsibilities), Warner Bros. WarnerMedia CEO exits as Discovery merger nears close The company’s longtime CEO, Zaslav, has assembled a management team mostly from the ranks of his alma mater, and sources close to the situation told Variety that he would have a direct-report relationship with the leaders of the businesses he isn’t as familiar with. Last week, former WarnerMedia CEO Jason Kilar stepped down as David Zaslav took his position as Warner Bros. The new leadership teamĭespite being the minority stakeholder, with shareholders owning 29%, Discovery has operational control of WBD. Since Discovery has more niche unscripted content than WarnerMedia and less variety, this will position the company as a more formidable streaming competitor. HBO Max and HBO had 73.8 million global subscribers at the end of 2021, whereas Discovery had 22 million paying streaming subscribers. Deadline reported that the projected combined revenue for the company in 2022 is $49.8 million. The combined value of the company is predicted to be $130 billion, according to Axios, and its 2023 revenue is anticipated to be around $52 billion, with $15 billion expected from DTC revenue. This puts it in third place, next to Disney, with a market cap of $240 billion and Netflix’s market cap of $161 billion. Discovery is between $45 billion and $60 billion. The estimated market cap for Warner Bros. Ultimately, the newly formed media giant becomes one of the biggest players in the industry, alongside Disney and Netflix. Subscribers will have access to almost 200,000 hours of programming and over 100 brands, which we highlighted above. studio and cable channels such as TNT, TBS, Food Network, Investigation Discovery, TLC, Discovery, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Network, Adult Swim, HGTV and HBO, among others.Įither way, the bundling of HBO Max and Discovery+ will unite two strong content libraries with valuable IP and a variety of content that Netflix has spent many years achieving. Discovery Inc., will house three streaming services: HBO Max, Discovery+ and CNN+ Warner Bros. The combined media and entertainment company, Warner Bros. Discovery the best place for impactful storytelling.” The third-best streaming service company in the world I can’t wait for both teams to come together to make Warner Bros. “We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders. Discovery offers the most differentiated and complete portfolio of content across film, television, and streaming,” the CEO added. “With our collective assets and diversified business model, Warner Bros. Discovery but for our shareholders, our distributors, our advertisers, our creative partners, and, most importantly, consumers globally.” AT&T shareholders continue to hold the same number of shares of AT&T common stock they held immediately prior to close.ĬEO David Zaslav said that the announcement of the mega-merger “marks an exciting milestone not just for Warner Bros. Today, on Monday, April 11, the company will begin trading on the Nasdaq under the new ticker symbol “WBD.” AT&T shareholders received 0.241917 shares of WBD for each share of AT&T held, subsequently receiving 1.7 billion shares of WBD, which represents 71% of the total. Under terms of the agreement, AT&T received $40.4 billion in cash and WarnerMedia’s retention of certain debt at close. announced that they officially closed their deal with WarnerMedia. To learn more about how we process your personal information and your rights in regards to your personal information as a Robinhood employee, please visit our Employee Privacy Notice.Last Friday, Discovery, Inc. To review Robinhood’s medical insurance pricing structure, please click here: Under the Transparency in Coverage act, Robinhood is required to provide pricing information to consumers before they receive care under our insurance plans. If you need additional assistance throughout the hiring process related to a physical or mental health condition or there is something our team can do to enable a more accessible experience, please notify our team by completing this Applicant Accommodation Form. We do not discriminate based on race, color, religion, national origin, age, sex, marital status, ancestry, neurotype, physical or mental disability, veteran status, gender identity, sexual orientation or any other category protected by law. Robinhood is proud to be an Equal Opportunity employer. At Robinhood, we take pride in being an Equal Employment Opportunity employer
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