Discovery CEO Tells Wall Street Goal Of WarnerMedia Merger ‘Is To Compete, Not Win Spending War’

Discovery and AT&T have determined the 13 members of the board of directors for Warner Bros Discovery, the new company that will be created via a pending $43 billion merger.

Todd Spangler NY Digital EditorSamuel Di Piazza Jr. will serve as the chairman of Warner Bros.

Warner Bros Discovery, the company created by merging Discovery Inc. and WarnerMedia, and signed a new employment agreement through the end of 2027.

Discovery CEO David Zaslav’s total pay package came to more than $246 million for 2021 as the company prepares to close its merger with WarnerMedia.

Eventually, HBO Max and Discovery+ will come together as a single streaming offering, but the integration will “take a while,” CFO Gunnar Wiedenfels said at an investor conference today.

Discovery just announced that its stockholders have approved its merger with AT&T’s WarnerMedia to create Warner Bros. Discovery, “a premier, global entertainment company” — marking the completion of one of the few remaining closing conditions for the merger.

Jennifer Maas TV Business WriterDiscovery investors voted in approval of the company’s $43 billion acquisition of WarnerMedia from AT&T to create Warner Bros. Discovery during a special meeting of stockholders Friday, marking one of the final formal steps before the transaction can close.The deal, a spinoff of WarnerMedia from AT&T, is expected to be completed early in Q2, with insiders telling Variety the estimated date is between April 11-28. The merger has already received approval from the U.S.

Kristen Stewart is hitting the streets of NYC.

Discovery shareholders are set to OK the $43 billion merger with WarnerMedia on Friday, the last big step before AT&T completes the spinoff. Ahead of the deal’s expected close next month, a who’s-in/who’s-out parlor game is gaining intensity as CEO David Zaslav finalizes the leadership team.

Discovery today priced $30 billion in senior unsecured notes in a debt offering to raise cash for its merger with WarneMedia.

EXCLUSIVE: Jeff Zucker has finalized a deal with WarnerMedia over the former CNN chief’s sudden fall from grace last month.

Jennifer Maas TV Business WriterDiscovery, Inc. president and CEO David Zaslav was awarded a one-time discretionary bonus of $4.4 million by the company’s board March 1 in honor of his “exceptional leadership” ahead of Discovery’s acquisition of WarnerMedia.Per a Monday SEC filing, “The Board approved the one-time bonus (which is in addition to the 2021 annual bonus that Mr.

NEW YORK -- Chris Licht, most recently Stephen Colbert's top producer at CBS, was appointed Monday as the new head of CNN, where he's expected to take over in May.Licht's expected appointment to replace Jeff Zucker as chief of CNN was widely reported over the weekend. Before moving into late-night TV, Licht was the chief executive behind the “CBS This Morning" news program and “Morning Joe” on MSNBC.The appointment was made by David Zaslav, Discovery CEO, who is expected to take over the merged company when Discovery's acquisition of CNN parent WarnerMedia is approved this spring.Zaslav called Licht a “dynamic and creative producer, an engaging and thoughtful journalist, and a true news person.”He said Licht is “a highly principled individual who is trusted, hard-working and makes every organization stronger, more innovative and more cohesive.”Zucker was forced out earlier this month, after admitting that he had violated corporate rules by not revealing his romantic relationship with a CNN marketing executive, Allison Gollust.

Brian Steinberg Senior TV EditorCNN will have a new chief for a new chapter.Chris Licht, a veteran producer who has overseen programs like MSNBC’s “Morning Joe” and CBS’ “CBS This Morning” and “The Late Show with Stephen Colbert,” was named chairman and chief executive of CNN Global — a new name for the news operation once its parent, WarnerMedia, is acquired by Discovery. Licht will report directly to David Zaslav, who will be CEO of the combined company.Discovery is expected to take control of WarnerMedia sometime in mid-April, depending on a shareholder vote, among other conditions.The prospect of a new owner and a new top executive has spurred speculation about what new programming and operating direction may be in store for the venerable cable-news outlet, which has been under scrutiny since WarnerMedia ousted former president Jeff Zucker after he failed to disclose a romantic relationship with Allison Gollust, CNN’s former chief marketing officer.

Brian Steinberg Senior TV EditorChris Licht, the wunderkind producer who launched “Morning Joe,” retooled “CBS This Morning” and helped late night host Stephen Colbert gain traction on CBS, is jumping to CNN to take over the operation once its corporate parent, WarnerMedia, is acquired by Discovery in a much-anticipated merger expected to take place in April, according to a person familiar with the matter.Licht could not be reached for immediate comment and a CNN spokesperson referred an inquiry to Discovery. A Discovery executive declined to comment.

EXCLUSIVE: Discovery UK & Nordics Boss James Gibbons has talked up the potential BT Sport JV as being an effective marketing tool for the media company’s deep content catalog, allowing subs to “come for the sport, stay for the rest.”

Discovery CEO David Zaslav dropped his usual quota of names during the company’s quarterly earnings call — John Malone, Jack Welch, Oprah — but one name didn’t come up: Jeff Zucker.

Jennifer Maas TV Business WriterDiscovery CEO promises that the company is not in a race to win the “spending wars” on content when it closes its deal to acquire AT&T’s WarnerMedia and become Warner Bros. Discovery.“We’re going to spend more on content — but you’re not going to see us come in and say, ‘Alright, we’re spending $5 billion more on content,” Zaslav said during an investor call Thursday to discuss the company’s Q4 earnings results.Zaslav says the new company — which will run both Discovery’s current major streamer Discovery Plus and WarnerMedia’s HBO Max — will be “looking to monetize our IP to grow the value of the overall company.”Discovery CFO Gunnar Wiedenfels echoed Zaslav’s point, saying “it’s not about winning” and “spending more money doesn’t score goals.” Click here to sign up for Variety‘s free Strictly Business newsletter covering earnings, financial and investment news, and more.Discovery revealed Thursday it reached 22 million paying streaming subscribers across its portfolio of offerings by the end of 2021.