WarnerMedia-Discovery Merger Implications – 4 June 2021

  • Public Equity
  • TMT
  • Global


Former VP, FP&A at Warner Media LLC (Time Warner Inc)


  • Key implications of AT&T's (NYSE: T) spinning off WarnerMedia to merge with Discovery (NASDAQ: DISCA)
  • Scale benefits for legacy advertising and retrans businesses and content spend for D2C initiatives
  • Ability to balance deleveraging, maintaining optimal stability in cable network decline and fueling streaming growth
  • Outlook for H2 2021 – integration challenges – technical debt from two streaming platforms, cultural elements and potential wildcards


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