Friday, May 27 2022

On Monday, April 11, the highly anticipated $43 billion merger between WarnerMedia and Discovery was set to officially close. But a new report from Variety suggests the deal could actually close as early as this Friday, according to its sources.

We already have a small idea of ​​what will happen with the companies’ two streaming services, Discovery+ and HBO Max. In March, Discovery CFO Gunnar Wiedenfels said the mega-merger would initially combine Discovery+ and HBO Max until they can figure out the best way to consolidate the two services into one platform. direct to the consumer.

WarnerMedia owns not only HBO Max, but also linear network HBO, CNN (as well as the new CNN+ service), Warner Bros., DC Films, New Line Cinema, TBS, TNT, TruTV, Cartoon Network/Adult Swim, Turner Sports and Rooster Teeth, among others. He is also co-owner of The CW. Meanwhile, Discovery is the parent of Discovery+, Discovery Channel, Investigation Discovery, Travel Channel, Turbo/Velocity, HGTV, Food Network, TLC, Animal Planet, Science Channel, and OWN (Oprah Winfrey Network).

Discovery+ and HBO Max streamers can expect a lot of changes, as the two companies will combine huge libraries of content that are equally unique in their own way, giving people a hugely complex offering.

Also announced today, WarnerMedia CEO Jason Kilar announced his resignation in a memo ahead of the WarnerMedia-Discovery merger.

In April 2020, Kilar was hired as CEO of WarnerMedia ahead of the launch of the HBO Max streaming service. However, Kilar was up for the challenge as he had already been named CEO of Hulu shortly after its launch in 2007.

Discovery Inc. CEO David Zaslav will take the reins, and the former CEO of WarnerMedia has cultivated a streaming giant that Zaslav can rely on. And boy, will he bank.

In May 2021, Zaslav signed a new employment contract that ends in 2027, which aimed to keep him at the company through its merger with WarnerMedia.

According to a regulatory filing in March, the value of Zaslav’s compensation package for 2021 rose to $246 million, a huge difference from $45.8 million in 2019. In 2020, it was $37.7 million. of dollars.

Like Kilar, Discovery Inc.’s CEO has a long history in the industry and has led the company since 2007.

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