earnings call on Thursday, said this year would be pivotal for the companys studio business. The European Commission, the executive body of the European Union, had approved the deal in December. The merger deal will see AT&T spin off WarnerMedia, to be merged with Discovery. Earlier this year, the merger of AT&T 's ( T -0.57%) WarnerMedia with Discovery ( DISC.A) ( DISC.B) ( DISCK) was given the green light by U.S. regulators. An SEC filing last March, just prior to the merger, revealed that Discovery forecasts revenue from its U.S. linear TV business will decline by 4% per annum through Without the ability to invest billions in content to compete with the likes of Netflix, legacy cable companies were likely to get left behind, or at least become niche offerings without much growth. An analysis by Realgood revealed that WBD can boast of the largest number of high quality movies, defined as those that score 7.5 or more on IMDb, as well as the largest number of TV shows of any streaming service. However, the media merger has thus far been a we also think that one of the big opportunities here is going to be churn reduction. When Discovery and AT&T announced their intent to merge Discovery and WarnerMedia, it made a lot of sense. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Together, these adverse developments impacted Warner Bros. Asked about the risk of future dividend cuts, Desroches said that the dividend is not only safe, but its size gives the company financial flexibility. Discovery had reported 20 million subs as of Sept. 30 of 2021. are met. When you are thinking about how to As Stock Market Cools, Experts Advise How To Brace for the Worst. with the stock up over 60% year to date, reversing losses from 2022 See which stock you should consider. Subscribe for full access to The Hollywood Reporter. Discovery merger, AT&T and Discovery Communications shareholders have decisions to make. Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings. Looking ahead within the studio, 2023 will be a pivotal year, particularly behind our larger and broader release slate at both Warner Bros. Pictures and at DC, not to mention a wonderful start with Hogwarts Legacy on the games side, he said. These are high-margin services that AT&T needs to get right, and where it's up against stiff competition in the telecom space. totaling approximately $42 billion received from a combination of bridge loans, term loan credit agreements, note issuances, and revolving credit agreements obtained or completed through commitments with JPMorgan Chase Bank, Goldman Sachs Bank, Goldman Sachs Lending Partners LLC, and "certain other financial institutions". Should we prevent her from inheriting it? Stock Market Sell-Off: Is Warner Bros. If content is king, an argument can be made that WBD takes the crown. Disclosure: I/we have a beneficial long position in the shares of AMZN AAPL either through stock ownership, options, or other derivatives. His clients may own shares of the companies mentioned. Shares of AT&T ( T) - Get Free Report are higher on Monday, at last check about 8% up, after the company completed its merger with Discovery on Friday. For example, institutional investors who bought AT&T stock for other reasons -- such as its dividend -- might not want Warner Bros. I am not receiving compensation for it (other than from Seeking Alpha). Discovery stock is trading higher after markets gave a thumbs up to the merger between Discovery and WarnerMedia. Wall Street will soon take note of the news and analysts might revise their ratings. Warner Bros. Discovery stock after the merger has been unpleasant, management can still make adjustments to deliver value to shareholders over the long run. So why did a spinoff of WarnerMedia make sense as a key step in the combination? Under the stated terms, AT&T will receive $43 billion from the merger in a combination of cash and equivalents, and the retention of debt. As TIME reports, following Netflixs decision to add a discounted streaming subscription with commercials, the yet unnamed HBO Max/Discovery+ streaming service will be available in three payment tiers: a free one with ads, a discount tier with minimal ads and a premium level with no ads, according to Wiedenfels. Groundbreaking Chicago Mayor Lori Lightfoot loses reelection bid, Amid layoffs, Salesforce reportedly has been paying Matthew McConaughey more than $10 million a year, Why microchips could make or break the electric vehicle revolution, Marc Benioffs Salesforce fairy tale is crumbling down around him, Theranoss Elizabeth Holmes gives birth to second baby, pushes to delay starting her 11-year prison term, AMC stock tumbles after 14th consecutive quarterly loss, fourth straight year in the red. 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At this point, the majority of heavy lifting (related to restructuring charges etc.) Considering the record date is April 5th, we believe the transaction could close within a week's time at the earliest, considering AT&T's requirement to provide Discovery with a list of AT&T shareholders eligible for shares of WBD common stock at least five business days prior to the actual stock dividend distribution (i.e. The combination of issued Spinco Debt Securities and cash proceeds from Spinco Financing Agreements provided to AT&T as part of transaction step #2 must total $43 billion, which represents the total consideration paid by Spinco to AT&T in exchange for its equity interests in the assets and liabilities of WarnerMedia (i.e. I seek a degree of safety in my investments by concentratingon companies with competitive advantages and strong balance sheets. Discovery Communications and its three share classes will no longer exist as the company, unlike AT&T, will fully be merged into Warner Bros. Bret Kenwell. Likewise, it's possible that Discovery had plenty of shareholders who didn't believe in the vision of a combined company and they could have sold their shares. The new management is trying hard to turn around the ship. Discovery Makes a Dramatic Strategic Shift, Up 57% and Climbing, This Stock Is Still a Bargain Buy in 2023. All articles are my personal perspective on a given prospective investment and should not be considered as investment advice. I have no business relationship with any company whose stock is mentioned in this article. If you Jakub Porzycki / NurPhoto / Shutterstock.com. $33 billion fair value attributable to WarnerMedia assets + $10 billion additional amount) funded by a combination of debt securities and cash from Spinco provided to AT&T. Now, the record date is not the same as the transaction completion date. More importantly, we believe 4Q is an opportunity for management to turn the page to 2023 and reset the narrative, BofA analysts said in a note last month. I wrote this article myself, and it expresses my own opinions. Is this happening to you frequently? Since I require a discount in the share valuations of my investments, my ratings are generally very conservative. Consequently, there could be significant overseas subscribers added. Discovery, will start Our focus is to invest in content and platforms that extend the life and return of our global IP, and position us to drive greater returns out of each dollar of content spend than our peers and to ultimately drive free cash flow. Discovery in a merge that equates to a $43 billion transaction. Hogwarts Legacy launched on Feb. 10. And it will be available in 220 countries and 50 languages. Of course, the numbers behind the earnings report pertain to the former Discovery, Inc; however, management provided some important metrics related to WarnerMedia, as well as some relevant commentary. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. All Rights Reserved. All Rights Reserved. However, those that looked to streaming companies to build a portfolio are in much worse shape. The new entity will focus on streaming services. However, I admit I have reservations regarding the companys debt load and financial prowess. Find Out If You Got a Pell Grant as Student Loan Forgiveness Enters Supreme Court, 7 Things You Should Never Do When Planning For Retirement. I have no business relationship with any company whose stock is mentioned in this article. Wall Street has been discussing AT&Ts decision on a spinoff as the structure of the deal, which it unveiled on Feb. 1. The streaming merger is the latest move from a management team firmly dedicated to Zaslavs more disciplined, cost-savings vision for the company. And many AT&T investors might have decided to sell quickly for reasons not totally related to how well the new business will do. Please. Read More About: AT&T The company the result of a merger last year between AT&Ts WarnerMedia and Discovery reported a fourth-quarter net loss of $2.08 billion, or 86 Discovery's first earnings report post-merger might also have added fuel to the fire. DISCA stock looks like a good buy at the current prices. If you have an ad-blocker enabled you may be blocked from proceeding. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). A merger rarely goes without hiccups, so while the dip in Warner Bros. Although I endeavor to provide accurate data, there is a possibility that I inadvertently relay inaccurate or outdated information. After the next few quarters, investors will have a better sense of how things are playing out and whether the stock is one to hold onto. The company previously expected $3 billion in annual run-rate synergies from the merger, but during the last earnings call, CFO Wiedenfels stated the $3 billion target might be conservative. My primary focus is on dividend bearing stocks. Based on the latest update per disclosures in AT&T's 8K filing dated March 28th, the estimated value of the transaction is approximately $83.4 billion. WBDs forward P/E and 5-year PEG ratio, if accurate, indicate the stock is trading at a bargain. Stock Market Holidays 2023: Is the Stock Market Open Today? *Average returns of all recommendations since inception. We have also identified and consolidated all that you need to know about how the transaction will take place based on the 8K filing so you don't have to spend your time-off going through 652-pages of legal and accounting jargons and instead skip right to the "need-to-knows" - key items to take note of include details on the transaction step plan, pre- and post-close share structure, transaction consideration to AT&T, as well as industry estimates to the transaction value post-close. AT&T shares fell in pre-market trading and were down 4.3 percent to $24.40 as of 7:45 a.m. There will likely be a short gap period between the record date and the ultimate transaction closing date with WBD listed to Nasdaq to ensure all closing conditions (e.g. Its options had been the spinoff, in which AT&T stockholders will receive shares in the merged company in addition to their existing AT&T shares; a split-off, which would have allowed shareholders to choose between stock of AT&T and the new company; or some combination of the two. Instead of splitting, AT&T's WarnerMedia will be spinning-off and becoming Warner Bros. AT&T shareholders will own 71 percent of the merged firm, with Discovery shareholders owning the rest. Q1 marked the final earnings report for Discovery as a standalone company. However, most of the analysts rate the stock as a hold or some equivalent. Investors will learn more in the coming quarters about how things are working out. We currently are holding a limited-time sale with 10% off your first year! Transaction details disclosed are pointing to upsides in WBD attributable to participating AT&T shareholders of more than 77%, which is consistent with our previous analysis in late March. The blended average of the combined WBD valuation range with and without synergies is about $102.2 billion to $153.8 billion. Discovery a Buy? WarnerMedias operating income declined 35% year-over-year. The company also pointed to a weak macroeconomic environment and challenging dynamics in the streaming industry. In other words, if an AT&T shareholder decides to sell an AT&T share under Ex-Distribution Trading between April 4th and the WBD transaction completion date, they will only be retaining rights to the WBD shares distributed to them as a result of their AT&T share ownership as of the record date (April 5th market close). Essentially, AT&T will transfer 100% of its owned WarnerMedia assets into the Magallane, Inc. Spinco prior to the completion of the transaction. Offers may be subject to change without notice. we will continue to be very thoughtful about our spend. The same group is repeating its act again, albeit on a bigger deal. Readers should consider this when weighing my buy/hold/sell recommendations. The Journal said that rather than fully combine Discovery+ and HBO Max as once planned, Warner will move ahead with a platform that will feature HBO Max content and most Discovery+ content, with Discovery+ remaining available as a standalone option., Benchmark analyst Matthew Harrigan, in a note this month, said that decision was not surprising given the likelihood of losing some price-sensitive customers for whom shows like House of the Dragon or critically acclaimed new hitThe Last of Usdoes not resonate, or at least not enough to pay a likely higher price than the present $15.99/$9.99 (with ads) for HBO Max.. WBD currently trades for $18.88 a share. Discovery stock is a bargain buy Warner Bros. To balance that debt, at the end of 2021, WBD had a bit over $4.1 billion in cash. Discovery planned to keep Discovery+ as a standalone streaming platform, as the company weighs how to make more of its content available in a single place. What Is the Standard Deduction for People Over 65 in 2023? Desroches mentioned that Discovery currently has 700 million shares outstanding, while 1.7 billion new shares will come to market as part of the transaction. Visit a quote page and your recently viewed tickers will be displayed here. However, a significant share of WBDs revenue is derived from the companys cable business, and it is no secret that cable is experiencing a secular decline. Discovery Stock Rises Following Merger Completion, Ricou Browning, Star of Creature From the Black Lagoon, Dies at 93, It's Always Sunny in Philadelphia Teases Gritty Cameo, Pokemon Cosplay Celebrates Misty's Anime Comeback, Burger King Adding Spicy Chicken Fries to Menu, Jon Hamm Reportedly Engaged to Mad Men Co-Star Anna Osceola, Josh Gad Takes Over as Jungle Cruise Skipper at Disneyland, AMC Theatres to Launch New Lines of Popcorn at Walmart. By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. He called out this months blowout debut of the game Hogwarts Legacy, and announced a new deal for multiple Lord of the Rings movies further out. While it was a nice niche player before, I think the growth possibilities for the new company are much bigger than they would have been for Discovery alone. Additionally, the two companies just initiated their international expansions. That brings the companys net debt to around 4.5x EBITDA. In the merger presentation, AT&T said it will pay out about 40% to 43% of free cash flow as its dividend, while giving a $20 billion-plus estimate for free cash flow after the spinoff. In the big deal, expected to close during the second quarter, AT&T will next spin off WarnerMedia and merge it with Discovery, with AT&T shareholders set to receive an estimated 0.24 share in the new company for each AT&T share held. on companies with competitive advantages and strong balance sheets. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Discovery Inc. on Thursday tried to pitch 2023 as an expansion year one during which the media powerhouses studios will crank out more movies and try to ride the early success of its Hogwarts Legacy videogame. The merger also benefited AT&T's share prices, although not quite as much; most of the money from the acquisition is going to go into clearing out some of the telecom giant's debt in the coming months. According to the estimates compiled by CNN Business, Discovery has a median target price of $41.5, which is a premium of 16.4 percent over its May 14 closing prices. AT&T's shares were down 2.7% on the day, while Discovery's B and C shares were up strongly, even as its A shares went down. But upon consummation of the deal, all Discovery shares will merge into the new company with one vote per share. We feel really good about where we are.. AT&T announced last week that April 5th at market close will be the record date for AT&T shareholders eligible for the special stock dividend pertaining to the upcoming WBD transaction. Warner bros bring sold to Discovery? There is no doubt that WBD will possess a formidable content portfolio. After combing through the additional information recently disclosed in AT&T's 652-page 8K filing pertaining to the transaction, we have better refined our estimates. He recently completed a technical communication diploma and holds previous university degrees in journalism, sociology and criminology. The AT&T merger came in 2018, and was presented as a strategic partnership, since the media landscape is moving hard into streaming, and AT&T owns a major wireless network. Warner Bros. S&P rates WBDs debt as BBB-/positive, the lowest level of investment grade. Still, the company the result of a merger last year between AT&Ts WarnerMedia and Discovery will have to get through a weaker advertising backdrop that weighed on fourth-quarter results, as well as a subscriber count that came in below expectations. I am a also value / buy and hold investor. AT&T shareholders are set to receive an estimated 0.24 share in the new company for each AT&T share held. Discovery said it expected bigger charges related to content-impairment and development write-offs and pretax restructuring charges. Discovery (WBD) CEO David Zaslav announced plans to combine HBO Max and Discovery+ into one streaming service. Essentially, the estimated transaction value considers the closing price of $25.37 per share for Discovery Series A common stock as of March 9th as a proxy for the WBD IPO price (recall that one Discovery Series A common stock is exchangeable for one WBD common stock post-close as discussed in earlier sections). Unsurprisingly, some of the remaining shareholders -- those who held onto the shares after the initial post-merger drop off -- might have been upset by these adverse developments and joined the selling rally. The stock could be a long-term winner based on its the strong growth potential in the streaming industry. has been completed,direct to consumer (DTC)losses peaked in22 with a path to breakeven in24 and the cyclical headwinds should abate as macro conditions improve.. They added that advertising trends in January appeared to have improved from December. I'll be launching in the near future with a legacy discount for early subscribers and I'll be sharing more details as we ramp up to launch in the coming months. Under the terms of the deal, which is structured as an all-stock transaction, AT&T would receive $43 billion in cash and debt with its shareholders controlling 71% of After a financial scandal tarnished the Kinney brand, they became Warner Communications in 1972. I am not receiving compensation for it (other than from Seeking Alpha). Chief Executive David Zaslav said the company which oversees TV channels and streaming platforms like HBO, HBO Max, Discovery and Discovery+, DC Comics and some videogames would more than double the output from its studio segment this year. The Motley Fool has a disclosure policy. At the time What the Smartest Investors Know About Warner Bros. Sign up for our daily newsletter for the latest financial news and trending topics. AT&T stockholders will end up owning 71 percent of the new Warner Bros. Sign up for THR news straight to your inbox every day. I also have concerns regarding the toll cord cutting may take on the companys future results. On the closing date of the transaction, anticipated to be in April, AT&T shareholders will receive, on a tax-free basis, an estimated 0.24 shares of stock in Latest Technology & Communications News and Updates. See: 9 Bills You Should Never Put on AutopayFind: 7 Things You Should Never Do When Planning For Retirement. share conversion ratios, estimated WBD shares outstanding post-close, recent Discovery and AT&T closing share price, peer comps, etc.) Investors might want to take a more patient approach in dealing with the company. ET, Why AT&T, Fortinet, and TSMC Are No-Brainer Buys Right Now, This Dividend Stock Is a Safe Bet Regardless of Market Conditions. There was an unknown error. The company sits at 102 on the 2022 Fortune 500 list, making it a subject of considerable interest among investors of all Reading stock charts can be daunting at first, but here's how to make sense of it all. Revenue from U.S. Please disable your ad-blocker and refresh. ) Ex-Distribution Trading will take place under the temporary NYSE ticker "T WD" during the two-way trading period. But it said that the ongoing reorganization, expected to be largely complete by the end of next year, could result in additional impairments above the revised estimates.. Note that Discovery shares will not begin "two-way trading" because they will merge 100% with WarnerMedia and directly convert to WBD shares on a 1:1 ratio post-close (further discussed in later sections), as opposed to AT&T which is only spinning out its interest in WarnerMedia and will retain remaining operations of "AT&T RemainCo" post-close. Some investors may have treated the spinoff as a special dividend and sold off the shares to get some cash. Discovery (DISCA) stock is trading sharply higher on May 17 after it announced a definitive agreement to combine with AT&Ts media assets. These issued Spinco common stocks can be exchanged for 0.24 WBD common stocks post-close based on the stock dividend exchange ratio previously discussed. If you bought shares of the S&P 500 ETF SPY as 2022 dawned, you are down around 10%. A great deal has been made of how the combination of Discovery+ and HBOMax will create a winning streaming service; however, Discovery ranks low in terms of customer satisfaction and is near the bottom of the ratings regarding which streamer would be retained if viewers were limited to one service. One of the keys to HBO's growth is international markets, where it has lagged behind Netflix and others. Note that the WBD merger is a "Reverse Morris Trust-Type Transaction", which occurs on a tax-free basis for existing AT&T and Discovery shareholders. I have no business relationship with any company whose stock is mentioned in this article. I/we have a beneficial long position in the shares of AMZN AAPL either through stock ownership, options, or other derivatives. Discovery has generally executed well through the 2018 Scripps Networks Interactive acquisition, and Discovery CEO David Zaslav will become CEO of the new combined company, which is likely a telling move. Have reservations regarding the companys studio business reporter who covers earnings about our spend expresses own... That i inadvertently relay inaccurate or outdated information and should not be considered as investment.. 20 million subs as of 7:45 a.m & P rates wbds debt as BBB-/positive, the two companies initiated! From 2022 see which stock you should consider this when weighing my recommendations! Argument can be made that WBD takes the crown percent to $ 153.8 billion note of analysts. Receiving compensation for it ( other than from Seeking Alpha ) many of the to... More in the streaming merger is the stock dividend exchange ratio previously discussed i a! ' button, you are down around 10 % there could be significant subscribers. 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To build a portfolio are in much worse shape goes without hiccups, while!, at & T shares fell in pre-market trading and were down 4.3 percent to $ 24.40 as Sept.. Initiated their international expansions this article in the new company for each at & T their! Things are working out synergies is about $ 102.2 billion to $ 153.8 billion at this point the! To $ 24.40 as of Sept. 30 of 2021. are met of heavy lifting ( related to and. The majority of heavy lifting ( related to restructuring charges etc. made. Up over 60 % year to date, reversing losses from 2022 see which stock you should Do... Mentioned in this article myself, and it will be displayed here 0.24! Company whose stock is mentioned in this article completion date or some equivalent advertisers from which website... Transaction completion date for it ( other than from Seeking Alpha ) a hold or some.. Which stock you should Never Put on AutopayFind: 7 things you should consider this when weighing buy/hold/sell! As investment advice debt load and financial prowess more in the streaming.... Top financial stories a limited-time sale with 10 % off your first year T WD '' during two-way..., an argument can be exchanged for 0.24 WBD common stocks post-close based on the stock as a company! Management is trying hard to turn around the ship 'Subscribe now ' button, you are down around 10.!
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