AT&T company officials were characteristically quiet about the WarnerMedia-Discovery merger during the AT&T 2Q earnings call on Thursday morning, only saying that “no news is good news.”
AT&T CEO John Stankey was asked about the mega-deal during the call. All he would say was that regulatory due diligence work was continuing on the deal.
The two companies announced the merger in May in a deal that would see AT&T shareholders owning 71% of the new entity.
“Regulatory agencies and documents are being reviewed,” Stankey said. (We should) “Expect this to take a full year before a deal is done. It’s not a complicated transaction. We’re expecting a full and fulsome review.”
Stankey went on to say that no surprises had emerged and that he expected the deal to close as expected during the first half of next year.
HBO Max is a subscription video streaming service that gives access to the full HBO library, along with exclusive Max Originals, and access to every Warner Bros. film on HBO Max on the same day that it hits theaters.
HBO Max has two tiers, an ad-supported plan for US$9.99 and ad-free plan for US$14.99. HBO Max without ads also includes features like the ability to download offline and 4K streaming.
They also will get Max Originals that aren’t available to HBO channel subscribers, like “The Flight Attendant” (Kaley Cuoco), “Love Life” (Anna Kendrick), as well as reboots to “Sex In The City” and “Gossip Girl.”
The combined company currently spends $20 billion a year on content, which is similar to that of Netflix.
AT&T bought Time Warner in 2018 for $85B. This is the third major transaction by AT&T in recent months. In February, the company sold a 30% stake in DirecTV to private equity firm Apollo. The company also sold Crunchyroll to Sony in December for $1.175 Billion.
discovery+ is a video streaming service that offers more than 55,000 episodes of 2,500+ current and classic shows from several popular TV brands including Discovery, Investigation Discovery, HGTV, TLC, Food Network, A&E, Lifetime and History.
The service primarily focuses on non-fiction programming or “reality” TV shows.
discovery+ is available with limited ads for US$4.99 / month or ad-free for US$6.99 / month.