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  • Discovery, AT&T close in on WarnerMedia transaction

    Discovery, AT&T close in on WarnerMedia transaction

    Mumbai: Discovery Inc and AT&T have announced that they have closed their transaction to combine the WarnerMedia business with Discovery. The combined entity is a premier standalone global media and entertainment company Warner Bros Discovery, which will begin trading on the Nasdaq with the start of trading on 11 April, under the new ticker symbol ‘WBD.’

    The new company combines WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, including Discovery Channel, discovery+, Warner Bros. Entertainment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies and others.

    “Today’s announcement marks an exciting milestone not just for Warner Bros Discovery but for our shareholders, our distributors, our advertisers, our creative partners and, most importantly, consumers globally,” said Warner Bros Discovery CEO David Zaslav. “With our collective assets and diversified business model, Warner Bros Discovery offers the most differentiated and complete portfolio of content across film, television and streaming. We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders.”

    “We are at the dawn of a new age of connectivity, and today marks the beginning of a new era for AT&T,” stated AT&T CEO John Stankey. “With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum, while we work to become America’s best broadband company. At the same time, we’ll sharpen our focus on returns to shareholders. We expect to invest for growth, strengthen our balance sheet and reduce our debt, all while continuing to pay an attractive dividend that puts us among the top dividend-paying stocks in America.”

    Under terms of the agreement, which was structured as a Reverse Morris Trust transaction, at close AT&T received $40.4 billion in cash and WarnerMedia’s retention of certain debt. Additionally, shareholders of AT&T received 0.241917 shares of WBD for each share of AT&T common stock they held at the close. As a result, AT&T shareholders received 1.7 billion shares of WBD, representing 71 per cent of WBD shares on a fully diluted basis. 

    Discovery’s existing shareholders own the remainder of the new company. In addition to their new shares of WBD common stock, AT&T shareholders continue to hold the same number of shares of AT&T common stock they held immediately prior to close.

  • Zee5’s Tushar Singh joins Discovery as product director

    Zee5’s Tushar Singh joins Discovery as product director

    Mumbai: Zee5 former executive Tushar Singh has joined the global product team at Discovery Inc, he announced on LinkedIn. 

    In this new role, Singh will be leading its direct-to-consumer expansion as a director of product in new markets of Asia Pacific region.

    Singh was previously associated with Zee5 as associate director of product since November 2019. Prior to that, he worked with companies such as Tata Sky, Idea Cellular and Nokia Siemens Networks.

    He has over 11 years of experience in product management, subscriber marketing, growth marketing, product marketing and strategic partnership and alliance experience in the entertainment media, broadcast and telecom industries.

  • Discovery-WarnerMedia merger gets clearance from European Commission

    Discovery-WarnerMedia merger gets clearance from European Commission

    Mumbai: Discovery Inc has received unconditional clearance from the European Commission to move ahead with its merger agreement with WarnerMedia and is on track to close the deal by second quarter 2022. The company filed a merger proxy earlier this month and has scheduled a stockholder meeting on 11 March.

    “We, of course, are pleased to receive unconditional clearance from the European Commission, the expiration of the HSR waiting period, and clearance from other key international markets, and AT&T having received a favorable private letter ruling from the IRS,” said Discovery president and chief executive officer David Zaslav. “We also filed our merger proxy earlier this month and have scheduled our stockholder meeting for March 11th. Following the vote, and assuming the deal is approved by our stockholders, we expect to be on track to close in Q2.”

    Discovery reported its fourth quarter results for the year 2021. The company posted revenue of $3.18 billion, an increase of 10 per cent to the prior year quarter. Its direct-to-consumer business added two million subscribers since the end of Q3 totalling to 22 million subscribers.

    “2021 was by all measures an exceptional year for our company, in which we achieved significant operational, financial, and strategic objectives,” added Zaslav. “We grew our global DTC paying subscribers to 22 million, a tailwind for our strong distribution revenue growth of 11 per cent, while global advertising revenues grew 10 per cent due to continued strength in our key markets and share gains. Additionally, we ended the year with nearly $ four billion of cash on hand and generated robust cash flows, supporting our ability to invest in growth initiatives. Further, the successful recent broadcast of our second Winter Olympic Games across Europe, on the heels of our first broadcast of the Summer Olympic Games, underscores one of our key differentiators: in-language and locally relevant content. All of which position us well to take advantage of the remarkable opportunities ahead for Warner Bros. Discovery, which we believe will be among the world’s most dynamic media companies.”

  • Roku unveils Advertising Watermark to protect from ad spoofing

    Roku unveils Advertising Watermark to protect from ad spoofing

    Mumbai: Roku Inc on Thursday announced its Advertising Watermark free technology to help advertisers and publishers validate the authenticity of video ads originating on the Roku platform. Touted as the industry’s first authentication solution built for TV streaming, Roku’s Advertising Watermark gives marketers the confidence that their advertising spend is reaching real Roku users.

    “Today, device spoofing occurs when scammers pretend that a desktop or mobile device is a TV streaming device. Roku’s Advertising Watermark integrates with the Roku operating system to automatically verify publisher ad requests and impressions so that advertisers know they are reaching genuine Roku users,” said the statement. “While ad spoofing in TV streaming remains rare, this technology will help the industry deter bad actors and improve ad effectiveness.”

    Ad technology providers integrating Roku’s Advertising Watermark at launch include Basis Technologies, Google, Human, Innovid, and Magnite. Publishers using Roku’s Advertising Watermark to sell their own ad inventory include Discovery, Fox, and more. Additionally, OneView by Roku will be the first ad buying platform to offer ad inventory automatically validated by Roku’s Advertising Watermark.

    “As America’s top TV streaming platform, we are uniquely positioned to help the industry preempt device spoofing,” said Roku VP of product management Louqman Parampath. “This is powerful and free technology that will help advertisers accelerate their shift to TV streaming with even more confidence.”

    Human co-founder and CEO Tamer Hassan remarked, “Roku is moving the industry forward with a solution that combats spoofing across the ad supply chain before it becomes a major issue. Together in partnership with Roku, we are creating a collectively protected ecosystem that brings even more trust and quality in a world where all TV will be streamed.”

    “Roku’s Advertising Watermark assures our advertiser clients that they are buying genuine Discovery inventory on Roku devices. We’re excited that Roku has brought its data, operating system, and ad technology together to easily prevent ad spoofing,” added Discovery VP – programmatic solutions Bill Murray.

  • Eurosport India bags broadcasting rights for Quadrangular T20I Oman series

    Eurosport India bags broadcasting rights for Quadrangular T20I Oman series

    Mumbai: Eurosport India, Discovery Network’s premium sports brand has announced the acquisition of the broadcast rights for the upcoming Quadrangular T20I- Oman 2022 series. The tournament will be available to watch on Eurosport, Eurosport HD, and streaming platform – discovery+.

    The matches will be played in a round-robin format where the four teams will face each other over a course of four days. The series is scheduled to take place from 11-14 February, with two matches being played back-to-back on 11, 12, and 14 February. 

    The series will act as the last preparation ground for all four teams, ahead of the T20 World Cup Global Qualifier Group A, scheduled to take place later this month. Hosts Oman will play along with Ireland, Nepal, and United Arab Emirates. Among the four teams, Nepal is currently the highest-ranked at 12th place in the ICC Men’s T20I team rankings, followed by Ireland, UAE and Oman at 13th, 15th and 17th positions respectively.

    The Quadrangular T20I Oman series will start the campaign on an opening day with Ireland locking horns with the United Arab Emirates in the morning match. It will be followed by the hosts, Oman taking on Nepal.

    The Quadrangular T20I – Oman 2022 – M1 – Ireland vs UAE and Quadrangular T20I – Oman 2022 M2 – Oman vs Nepal can be watched live on Eurosport and Eurosport HD on 11 February, 11:15 a.m and 3:30 p.m onwards, respectively. The Eurosport channel can also be streamed on the discovery+ app.

  • AT&T to spin off its interests in WarnerMedia in $43 bn transaction

    AT&T to spin off its interests in WarnerMedia in $43 bn transaction

    Mumbai: AT&T has announced that it will spin off 100 per cent of its interest in WarnerMedia to AT&T’s existing shareholders in a pro-rata distribution, following the merger of WarnerMedia with Discovery, which is expected to close in the second quarter of 2022.

    Following the closing of the transaction, the Warner Bros Discovery Inc common stock is expected to be listed on the NASDAQ global select market under the ticker ‘WBD.’ The new company’s board of directors will consist of 13 members, seven initially appointed by AT&T, including the chairperson of the board. Discovery has designated six members, including CEO David Zaslav.

    Discovery president and CEO David Zaslav will lead WBD with a best-in-class management team and operational and creative leadership from both companies.

    AT&T’s board of directors has approved an expected post-close annual dividend of $1.11 per AT&T share to account for the distribution of WarnerMedia to AT&T shareholders and to size the annual dividend payout at approximately 40 per cent of the projected free cash flow to enable investment in attractive opportunities.

    AT&T will receive $43 billion (subject to working capital and other adjustments) in a combination of cash and other consideration and AT&T’s shareholders will receive a stock representing 71 per cent of the new company, Warner Bros. Discovery Inc. on a fully diluted basis. Existing Discovery shareholders will own approximately 29 per cent of the new company on a fully diluted basis.

    On the closing date of the transaction, each AT&T shareholder will receive, on a tax-free basis, an estimated 0.24 shares of the new WBD common stock for each share of AT&T common stock held as of the record date for the pro-rata distribution. The exact number of shares of WBD to be received by AT&T shareholders for each AT&T common share will be determined closer to the closing based on the number of shares of AT&T common stock outstanding and the number of shares of Discovery common stock outstanding on an as-converted and as-exercised basis. AT&T has approximately 7.2 billion fully diluted shares outstanding.  

    AT&T shareholders will continue to hold the same number of shares of AT&T after the transaction closes.

    In connection with the transaction, all classes of shares of Discovery capital stock will be converted and reclassified into common shares of WBD with one vote per share.

    No action is required by AT&T’s shareholders to receive shares of WBD common stock in the merger when it occurs. The closing of the transaction remains subject to satisfaction of certain conditions, including obtaining all necessary regulatory approvals.

    “In evaluating the form of distribution, we were guided by one objective — executing the transaction in the most seamless manner possible to support long-term value generation,” said AT&T CEO John Stankey. “We are confident the spin-off achieves that objective because it’s simple, efficient and results in AT&T shareholders owning shares of both companies, each of which will have the ability to drive better returns in a manner consistent with their respective market opportunities.

    “We believe that the remaining AT&T and the new WBD are two equities that the market will want to own and the markets to support those equities will develop,” Stankey said. “Rather than try to account for market volatility in the near-term and decide where to apportion value in the process of doing an exchange of shares, the spin-off distribution will let the market do what markets do best. We are confident both equities will soon be valued on the solid fundamentals and attractive prospects they represent.”

    AT&T will continue to trade on the NYSE under the ticker ‘T.’ The company will host a virtual investor conference on 11 March at which it will provide additional insight and expectations for the financial and operational performance of AT&T’s communications segment following the close of the pending WarnerMedia transaction.

  • Discovery was greatest global commissioner of TV shows in 2021: Ampere

    Discovery was greatest global commissioner of TV shows in 2021: Ampere

    Mumbai: The greatest global commissioner of TV shows in 2021 was Discovery, with a record-breaking 556 first-run TV show titles commissioned in the year, according to market-leading data and analytics firm Ampere. This extends Discovery’s lead of 46, recorded in 2020, to 153 titles by year-end 2021.

    ViacomCBS pipped Netflix for second place with 406 titles compared to Netflix’s 403. Three other contenders – Disney, the BBC and Comcast – came close with 387, 373, and 353 first-run shows respectively, it said.

    This group of six pulled further ahead of their global rivals through 2021 with each supporting the expansion of their own subscription video on demand (SVoD) services. WarnerMedia also accelerated through the year but not enough to rank in the top six.

    However, for 2022 it is those shows commissioned but not yet released, the in-production slate, that will be key, noted Ampere study. Discovery’s typical commissions (largely documentaries) have a shorter production timescale and are lower cost and less high-profile than titles on Netflix’s still predominantly scripted slate. Netflix is set to release most of its 243 in-production TV titles in 2022 (with an additional 106 films) which will push the streamer’s overall slate of original releases to over 2,000 titles.

    It should be noted that the above figures for 2021 exclude the US majors’ growing SVoD film slate.  The US majors combined commissioned 74 film titles specifically for SVoD. However, adding Netflix’s 203 commissioned films in 2021 would push the global streamer into first place, albeit via a less direct comparison.

    Through their in-production TV show commissions for their VoD platforms, studios’ intentions are laid bare. Among all the TV shows currently being produced by Disney, 58 per cent are now originals for its streaming platform, Disney+. WarnerMedia follows closely behind with 85 titles for HBO Max, representing 48 per cent of shows it currently has in production. Titles destined for VoD make up 39 per cent of ViacomCBS’s current slate and 28 per cent of Comcast’s.

    The year 2022 will see further additions to these slates as the studio-backed VoD services continue to expand both their original catalogues and subscriber bases, both domestically and, increasingly, internationally.

  • discovery+ launches investigative docuseries ‘Dangals of Crime’

    discovery+ launches investigative docuseries ‘Dangals of Crime’

    Mumbai: Streaming app discovery+ has launched an investigative docuseries “Dangals of Crime – The Untold Truth About Indian Wrestling,” which traces the meteoric rise of the Olympic sport of Wrestling in India while exploring in-depth the dark underbelly of crime often associated with it.

    Former wrestlers and coaches, eminent sports journalists, and law enforcement officials weigh in with their experiences, insights and memories, in the two-part series produced by Vice Studios Production and directed by award-winning director Niyantha Shekar.

    Notable former coaches and wrestlers whose views are reflected in the documentary include names such as Satbir Singh, Virender Kumar, Anil Mann and Ramphal Mann.

    Wrestling is by far India’s most successful individual sport (seven medals) in terms of medals won at the Summer Olympics. Its popularity reached a crescendo after iconic wrestlers Sushil Kumar and Yogeshwar Dutt won three medals collectively across two successive Games (Beijing 2008 and London 2012). “Dangals of Crime” showcases this journey towards success and highlights the deep-rooted akhada culture, strict discipline and the unparalleled devotion that makes a champion wrestler.

    The series explores how the sport, which has been instrumental in bringing sporting laurels for India, has also been witness to some dark moments which overshadow its glorious journey and malign wrestling and its athletes.

    “Dangals of Crime delves deep into the realms of wrestling, a sport that has churned out some of India’s greatest homegrown champions. Reflecting on the sport in the most informative way, the discovery+ Original dissects every aspect of the making of a Pehelwan, coupled with its current realities and the crime related to it. It will surely leave our viewers thinking,” said Discovery Inc MD – South Asia Megha Tata.

  • AT&T likely to close WarnerMedia-Discovery merger by June-end

    AT&T likely to close WarnerMedia-Discovery merger by June-end

    Mumbai: US major AT&T has reported its fourth-quarter financial results on Wednesday. The company’s WarnerMedia segment posted revenues of $9.9 billion, a growth of 15.4 per cent year-on-year driven by content licensing and direct-to-consumer subscription growth. The company said that it expects the WarnerMedia-Discovery transaction to close by the second quarter of 2022.

    “We are encouraged with how the process for the WarnerMedia deal is progressing and now expect the transaction to close in the second quarter,” said AT&T CEO John Stankey. “Coming off an outstanding year with HBO Max, we plan to hand off the business with a strong exit velocity, and we look to further our international momentum and deliver more world-class content for viewers.”

    He further added, “When the deal closes, the investments made in both content and HBO Max growth, coupled with strong execution by the team, will ensure Warner Bros Discovery is positioned as a leading global media company with the depth of content and the capabilities required to lead in the next era of media.”

    WarnerMedia’s streaming service HBO Max added 13.1 million subscribers in 2021 and currently has a base of 73.8 million subscribers globally. The investor presentation also revealed that WarnerMedia saw a DTC subscription revenue growth of 11.5 per cent from $1.7 billion to $1.9 billion in the fourth quarter.

    In May 2021, AT&T announced that it had proposed a merger between Discovery Inc and its media subsidiary WarnerMedia, which would be spun off into a new publicly-traded company to be known as Warner Bros Discovery. The merged entity would be led by Discovery CEO David Zaslav. The transaction was approved by the European Commission in December 2021 and it is expected to be completed in mid-2022.

  • Discovery’s acquisition of AT&T’s WarnerMedia biz set to close in mid-2022

    Discovery’s acquisition of AT&T’s WarnerMedia biz set to close in mid-2022

    Mumbai: Discovery’s mega-deal to merge with AT&T’s WarnerMedia business is all set to close in mid-2022, subject to approval by Discovery stockholders and additional closing conditions.

    In the latest development, Discovery has won approval from the European Commission, the executive body of the European Union (EU) to take sole control of WarnerMedia from AT&T in the two companies’ megadeal announced last year. That move comes after Discovery chief David Zaslav said that Europe had granted unconditional anti-trust clearance to the deal.

    “The Commission concluded that the proposed acquisition would raise no competition concerns given that, following the transaction, the combined entity would continue to face sufficient competition from other players,” said the EC, the antitrust enforcer for the European Union. “In addition, the Commission found no competition concerns stemming from the vertical and conglomerate links between the activities of the companies, since the latter would not have the ability nor the incentive to engage in foreclosure practices.”

    Meanwhile, the deal’s “Reverse Morris Trust” structure has also received a favorable rating from the IRS, which means that it should come out tax-free for AT&T shareholders provided they retain the majority stake in the new company as planned.

    In May 2021, AT&T and Discovery had reached a definitive agreement to combine WarnerMedia’s premium entertainment, sports, and news assets with Discovery’s leading nonfiction and international entertainment and sports businesses to create a single company. David Zaslav, president and CEO of Discovery was announced as the future CEO of the proposed new entity, named WarnerBros.Discovery.

    AT&T houses brands like CNN, HBO, Cartoon Network, TBS, TNT, and the Warner Bros. studio. Discovery owns networks such as HGTV, Food Network, TLC, and Animal Planet. Warner Bros. Discovery will bring together leadership teams, content creators, and high-quality series and film libraries in the media business, while accelerating both companies’ plans for leading direct-to-consumer (DTC) streaming services for global consumers.

    The new company will unite complementary and diverse content strengths with broad appeal — WarnerMedia’s robust studios and portfolio of iconic scripted entertainment, animation, news, and sports with Discovery’s global leadership in unscripted and international entertainment and sports.