DISCB - DISCB STOCK NEWS

On March 11, 2022, Discovery, Inc. (NASDAQ: DISCA, DISCB, DISCK) announced that its stockholders approved various proposals related to the acquisition of WarnerMedia from AT&T. This acquisition aims to merge WarnerMedia's premium assets with Discovery's extensive nonfiction and sports content to form Warner Bros. Discovery, Inc. The transaction is expected to close in early Q2 2022, pending customary conditions. The approvals significantly move the merger process forward, fulfilling key conditions necessary for completion.

On March 9, 2022, Discovery, Inc. (Nasdaq: DISCA, DISCB, DISCK) announced that its subsidiary Magallanes, Inc. priced a $30 billion offering of senior unsecured notes to fund the special cash payment to AT&T and cover related fees. The offering includes multiple tranches with varying due dates and interest rates. The transaction is part of a Reverse Morris Trust deal with AT&T to combine Discovery with WarnerMedia. The notes are expected to be completed by March 15, 2022, and will be guaranteed on a senior unsecured basis by the newly renamed Warner Bros. Discovery after the deal's consummation.

Discovery (Nasdaq: DISCA, DISCB, DISCK) announced that Chief Financial Officer Gunnar Wiedenfels will present at Deutsche Bank's 30th Annual Media, Internet, & Telecom Conference on March 14, 2022, at 8:05 a.m. ET in Palm Beach, Florida. A live webcast will be accessible via the Investor Relations section of Discovery's website, but there will be no replay of the presentation. Discovery is a global leader in real-life entertainment, delivering over 8,000 hours of original programming annually across various platforms, including discovery+ and prominent television channels.

Discovery, Inc. has named Chris Licht as the new chairman and CEO of CNN Global, effective after the completion of its acquisition of WarnerMedia, anticipated in early Q2 2022. Licht, currently executive vice president at CBS, is recognized for his leadership on shows like 'The Late Show with Stephen Colbert' and 'CBS This Morning'. CEO David Zaslav expressed confidence in Licht's capabilities, underscoring his extensive broadcasting experience. Licht aims to uphold CNN's legacy and enhance its journalism.

Discovery, Inc. reported its financial results for Q4 and full year 2021, showcasing a robust year with total revenues of $3,187 million, a 10% increase year-over-year. The company achieved 22 million DTC subscribers and generated $784 million in free cash flow for Q4, up 78% from the previous year. Despite these advancements, net income fell by 86% to $38 million in Q4 and 17% to $1,006 million for the year. The company also announced a proposed joint venture with BT Group for Eurosport, aiming for operational launch in 2022.

Discovery reported exceptional viewership during the Olympic Winter Games Beijing 2022, with new paid streaming subscribers surpassing PyeongChang 2018 by nearly 50%. Streaming platforms saw over 1 billion minutes consumed, 19 times more than the last Olympics. Resilience in linear TV audiences was noted despite a 10% overall reduction in TV usage since 2018. Over half of new Olympic subscribers engaged with discovery+'s entertainment content, enhancing subscriber lifetime value. The event demonstrated Discovery's strong performance across multiple platforms in Europe.

Discovery reported a robust start to the Olympic Winter Games Beijing 2022, with streaming viewers surpassing those of PyeongChang 2018 within just four days. New paid subscribers for discovery+ exceeded the total from the previous Winter Olympics, highlighting an eightfold increase in streaming compared to 2018. The platform witnessed nearly three-quarters of a billion streaming minutes consumed, with average viewing time more than doubling. Despite a 10% drop in total TV usage, Eurosport's linear audience remains strong across Europe. Viewership trends indicate significant engagement growth for Discovery's digital services.

Discovery (Nasdaq: DISCA, DISCB, DISCK) will announce its fourth-quarter and full-year 2021 results on February 24, 2022, at 7:00 a.m. ET. A conference call will follow at 8:00 a.m. ET to discuss the results, with a live audio webcast available on Discovery's Investor Relations page. A replay will be accessible two hours post-call until March 3, 2022, via phone or the company's website. Discovery, known for its extensive original programming, operates in 220 countries and territories, offering a diverse range of entertainment content.

Discovery, Inc. (NASDAQ: DISCA, DISCB, DISCK) has initiated exclusive discussions with BT Group to form a 50:50 joint venture, combining its Eurosport business in the UK and Ireland with BT Sport. This venture aims to leverage both parties' extensive sports rights portfolios, including the Olympic Games and UEFA Champions League, and is expected to be operational in 2022, pending agreements and regulatory approval. Discovery's sports division engages 130 million unique viewers monthly, highlighting its substantial reach and capability in the sports media industry.