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.
Discovery Sets March 11 For Shareholder Vote On WarnerMedia Merger
11.02.2022 - 01:55 / deadline.com
Discovery has set March 11 as the date of a special shareholder meeting to hold a vote on the company’s proposed merger with AT&T’s WarnerMedia.
It will be held online via webcast, no in-person “for the health and well-being of our stockholders, employees and directors,” the company said in an SEC filing Thursday. There’s not much doubt about the deal being approved as Discovery’s biggest shareholders John Malone and Advance/Newhouse have both given their blessing.
The $43-billion combination was announced in May and things have started to speed up. It got a green light from the U.S. Department of Justice earlier this week, which was key.
AT&T shareholders don’t need to vote.
As reported, the transaction calls for AT&T to spin off WarnerMedia in a first step. AT&T shareholders will receive about one fourth of a share in the new Warner Bros. for each AT&T share in hand. (So a holder of four shares of AT&T, for example, would end up with one share of Warner Bros. Discovery.) AT&T stockholders as a group will end up owning 71% of the new company, Discovery shareholders the rest.
Discovery stockholders will also be asked to approve, on an advisory basis — meaning it’s non-binding — the “‘golden parachute’ compensation payments that will or may be paid by Discovery to its named executive officers in connection with the merger” (common in deals).
Discovery CEO David Zaslav will run the new company and Discovery CFO Gunnar Wiedenfuls, his CFO, will retain that position. That’s about all that’s known officially of the org chart — except that Jeff Zucker will not have a role. (He resigned as head of CNN last week for not disclosing a relationship with a fellow employee.)
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Chris Licht Named Chairman and CEO of Discovery’s CNN Global
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.
Chris Licht Poised to Take Command of CNN in Discovery-WarnerMedia Merger
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.
Discovery UK & Nordics Boss James Gibbons Teases Approach To BT Sport JV, Talks Originals, WarnerMedia Merger & Ad Lite
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 Touts CNN’s Ukraine War Footing, Doesn’t Address Post-Jeff Zucker Direction Of Network
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.
Discovery CEO Tells Wall Street Goal Of WarnerMedia Merger ‘Is To Compete, Not Win Spending War’
Discovery execs, attuning commentary around recent investor sentiment on streaming, reassured investors this morning that they will not overspend on content as the company merges with WarnerMedia early in the second quarter.
David Zaslav Pledges Cost Discipline After WarnerMedia Merger As Streaming ‘Spending Wars’ Intensify
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.
Discovery Sees Q4 Profit Tumble on Streaming Expenses, Merger Costs
Brian Steinberg Senior TV EditorDiscovery said profit tumbled in the fourth quarter as the owner of Food Network, Discovery Channel and Eurosport contended with expenses related to the Discovery Plus streaming hub and a group of one-time items related to expenses. Even so, the company saw revenue increase as its streaming efforts helped boost advertising and distribution revenue.Discovery said fourth quarter net income fell to $38 million, or 8 cents a share, compared with $271 million, or 42 cents a share, in the year-earlier period.The company released details of its performance as it prepares to acquire WarnerMedia, a move that will elevate its standing in the media sector.
John Oliver Might Bite at New Discovery Bosses: ‘No Tastier Hand Than the One That Feeds You’
Brian Steinberg Senior TV EditorJohn Oliver has a few words for his soon-to-be new bosses at Discovery. And even those may be more than enough.The HBO host, who launches a new season of the comedy-meets-investigative-journalism series “Last Week Tonight” on Sunday, has for the past several years teased the owner of HBO and its parent WarnerMedia with great relish. “You’re a terrible company.
Peter Bart: The Deal Gets Real At WarnerMedia As David Zaslav Ponders Its Power Structure
David Zaslav, who is famously gregarious and high-energy, has been oddly quiet lately with an absence of media interviews or social events on his schedule. Even his regular booth at the Polo Lounge has been somnolent.
CNN Marketing Boss Allison Gollust Exits After WarnerMedia Probe; She Claims Company “Attempt To Retaliate Against Me”
UPDATED, with Allison Gollust comment: Less than two weeks after Jeff Zucker resigned from CNN, the cable newser’s chief marketing exec Allison Gollust is out too.
Allison Gollust Resigns From CNN Following WarnerMedia Investigation
CNN's chief marketing officer, has resigned from the network following a WarnerMedia investigation into «issues associated with Chris Cuomo and former Governor Andrew Cuomo.»WarnerMedia CEO Jason Kilar announced Gollust's resignation in a memo to CNN staffers Tuesday, following the completion of the company's «comprehensive and definitive» investigation, which WarnerMedia says was performed by «a third-party law firm and led by a former federal judge.»«Based on interviews of more than 40 individuals and a review of over 100,000 texts and emails, the investigation found violations of Company policies, including CNN's News Standards and Practices, by Jeff Zucker, Allison Gollust, and Chris Cuomo,» Kilar said in the memo.«We have the highest standards of journalistic integrity at CNN, and those rules must apply to everyone equally,» he continued.Gollust responded to the statement with one of her own, calling WarnerMedia's statement an attempt to retaliate against her following CNN president, Jeff Zucker's resignation just weeks prior.«WarnerMedia's statement tonight is an attempt to retaliate against me and change the media narrative in the wake of their disastrous handling of the last two weeks,» Gollust said.«It is deeply disappointing that after spending the past nine years defending and upholding CNN's highest standards of journalistic integrity, I would be treated this way as I leave,» Gollust added.
CNN Marketing Boss Allison Gollust Exits After WarnerMedia Probe “Found Violations Of Company Policies”
Just under two weeks after Jeff Zucker resigned from CNN, the cable newser’s chief marketing exec Allison Gollust is out too.
Allison Gollust Has Resigned From CNN Following WarnerMedia Probe of Cuomo, Zucker
Brian Steinberg Senior TV EditorAllison Gollust, the chief marketing officer at CNN, has resigned from the network following a WarnerMedia investigation into “issues associated with Chris Cuomo and former Governor Andrew Cuomo,” according to a memo from Jason Kilar, the company’s CEO.“Performed by a third-party law firm and led by a former federal judge, the investigation was comprehensive and definitive. It was commissioned in September and concluded this weekend, which now allows me to share additional information with you,” Kilar said.
Discovery Sets Date for Shareholder Vote on WarnerMedia Deal
Todd Spangler NY Digital EditorDiscovery investors will be asked to approve the $43 billion deal to combine with WarnerMedia, which AT&T is spinning off, at a March 11 virtual meeting.Discovery announced the date in a letter to shareholders, which it disclosed in an SEC filing Thursday. On that same day, AT&T has scheduled a virtual investor conference where the company said it will provide “additional insight and expectations for financial and operational performance of AT&T’s Communications segment” following the close of the WarnerMedia transaction.The pact cleared a major hurdle this week after U.S.
AT&T, Discovery Gain U.S. Clearance for WarnerMedia Deal
Brian Steinberg Senior TV EditorAT&T and Discovery have gained clearance for their much-anticipated deal to spin off WarnerMedia so it can merge with Discovery, a deal that has already been approved in Europe. The approval of Discovery shareholders is the last barrier to the deal moving forward.The companies disclosed the matter in two different filings Wednesday with the U.S.
WarnerMedia-Discovery Merger Clears Major U.S. Antitrust Hurdle
The pending merger between AT&T’s WarnerMedia and Discovery, Inc. has received approval from U.S.
WarnerMedia-Discovery Merger Gets Green Light From U.S. Regulators
The merger of AT&T’s WarnerMedia and Discovery has cleared U.S. regulators, the companies announced Wed., in the last major hurdle for the $43-billion deal.
CNN Could Face a Reset Once Under Discovery Control
Brian Steinberg Senior TV EditorEver since Jeff Zucker seized the reins at CNN in early 2013, the cable-news network has been one of loudest voices in media circles. Now, even though Discovery didn’t push the executive out, there’s a sense the company will, after it buys CNN along with the rest of WarnerMedia, look to turn down the volume.In the Zucker era, CNN became more swashbuckling, more colorful, and indeed, more opinionated than it ever was under the aegis of its founder Ted Turner, or his successors at the former Time Warner. CNN went from delivering headlines to being in the headlines.