In a form S-4 it filed with the SEC Nov. 18, Discovery announced plans for the new entity Warner Bros. Discovery to trade on Nasdaq under the symbol WBD.
WarnerMedia parent company AT&T Inc., which announced the merger in May, will name seven members to the combined firm’s board, including its chairman. Shareholders of the company will maintain 71% ownership after the deal closes in mid-2022.
Discovery Chief Executive David Zaslav, who signed a new contract to keep him in his role until at least 2027, will lead Warner Bros. Discovery following the merger. He also hired former Disney executive Kevin Mayer, whom he described as an “old friend,” as a consultant on streaming and direct-to-consumer strategies.
At the Paley Center’s Paley International Council Summit Nov. 10, Zaslav announced his intention to move to California to preside over the new content company.
“I’m going to be very hands-on,” he said in a webcast session.
Discovery also shared internal WarnerMedia data in the S-4 filing indicating revenues would rise to $45 billion in 2025 from $28.2 billion in 2020 as a result of the merger.