AT&T shareholders will own 71 percent of the merged firm, with Discovery shareholders owning the rest. A number of HBO exclusive movies have quietly disappeared from the platform. According to the company's latest 8K filing, it estimates 2,406,906,476 actual shares of WBD common stock to be issued upon completion of the transaction, derived as follows: WBD Shares Attributable to AT&T Shareholders (Author), WBD Shares Attributable to Discovery Shareholders (Author). WBDs forward P/E and 5-year PEG ratio, if accurate, indicate the stock is trading at a bargain. See which stock you should consider. After all, the spinoff is tantamount to an admission of error on the hugely expensive 2018 acquisition of Time Warner, which was the signature move of prior management. Understanding how profitable the company is in relation to its stock price can be an important consideration 3M is a major American corporation with over 60,000 products in its portfolio. Its an app that people can use just like a regular wallet to store their card details and information. The new management is trying hard to turn around the ship. have both fallen around 25%, and Netflix (. ) The companies are also forecasting annual cost synergies of $3 billion. My primary focus is on dividend bearing stocks. The blended average of the combined WBD valuation range with and without synergies is about $102.2 billion to $153.8 billion. For a time, it seemed like Warner was a big dog, buying up companies like DC Comics, Six Flags, and Lorimar. Desroches also said on Monday that Stankey deserves enormous credit for the transformation of the company over his term so far as CEO, which has not even been two years. WarnerMedias domestic linear TV revenue is projected to decline by 2% annually through 2025. At least give management a few quarters to execute their strategies. Disclosure: I/we have a beneficial long position in the shares of DISCK either through stock ownership, options, or other derivatives. : Holiday Haunt have been shelved. AT&T shareholders are set to receive an estimated 0.24 share in the new company for each AT&T share held. I have no business relationship with any company whose stock is mentioned in this article. At the time Zaslav said the game had already brought in more than $850 million in retail sales, with more on the way as the game hits more platforms. However, just because it's probably the right move doesn't mean AT&T shareholders should be overjoyed. Discovery stock was up 5% in midday trading on the stock market today, near 32.50. On Feb. 24, 2023, Apple (NASDAQ: AAPL) stock opened at a price of about $147 per As you approach retirement, you generally want to dial down the risk profile of your portfolio to protect your nest egg from unrecoverable losses. Now, the record date is not the same as the transaction completion date. What's been going on and is now the time to sell out of the stock? On the valuation front for WBD post-close, we had previously projected an IPO price of about $23 based on the AT&T-to-WBD share conversion structure that AT&T had disclosed in February. Networks jumped 7% to $1.93 billion while International Networks registered 25% growth to $1.23 billion. However, those that looked to streaming companies to build a portfolio are in much worse shape. And it will be available in 220 countries and 50 languages. Latest Technology & Communications News and Updates. We expect that Zaslav will use his experience to help Warner Bros. However, Discovery is an expert in international content, with a presence across 220 markets, and expertise adapting its unscripted content to many other languages. HBO Max and Discovery Plus will be merged into a single digital platform under Warner Bros. The new company, of which Discovery shareholders will own about 29%, should become more of a force in global streaming. Lawrence Nga has no position in any of the stocks mentioned. NFLX also held $6 billion in cash. If you have taken a look at AT&T's latest 8K filling dated March 28th, you would notice that the filing registrant is "Magallanes, Inc.". Warner bros bring sold to Discovery? We will not sort of chase aggressively behind subscriber growth. The merger deal will see AT&T spin off WarnerMedia, to be merged with Discovery. With the steady hand of Zaslav now in command of more world-class media assets he can now deploy internationally, Discovery has gone from a small unscripted player to a scaled global behemoth across scripted, unscripted, and news content. ET. These offers do not represent all available deposit, investment, loan or credit products. As discussed in detail in our last coverage, AT&T will spinoff 100% of its current interest in WarnerMedia post-close. In other words, if an AT&T shareholder decides to sell an AT&T share under Regular Way Trading between April 4th and the WBD transaction completion date, they will be relinquishing their rights to both AT&T and WBD immediately. While most AT&T shareholders are income-focused, the WBD transaction could make an attractive one-time trade to capitalize on promising near-term upside potential resulting from a valuation re-rate event. Discovery stock after the merger has been unpleasant, management can still make 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. In February, the merger received approval from the U.S. Department of Justice, the key regulatory hurdle for the merger. The final green light for the megadeal came at a special shareholder meeting held online; shareholders of AT&T, led by CEO John Stankey, do not need to vote on the combination. 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. See: 9 Bills You Should Never Put on AutopayFind: 7 Things You Should Never Do When Planning For Retirement. Making the world smarter, happier, and richer. Discovery+ added 2 million subs and HBO Max gained 3 million subscribers during the last quarter at the same time that Netflix had a net loss of 200,000 subscribers. Following the merger early last month, WBD ranks as the number-three player in the U.S. video streaming business behind Netflix and Disney. That sale is being blamed for the slow pace of renewals for some of The CW's shows, including the Warner Bros.-ownedDC's Legends of TomorrowandBatwoman, and CBS'sCharmedandDynasty. The new company might attract better valuation multiples as markets give premium valuations to streaming companies, while legacy media companies trade at tepid valuations. Discovery+, added two million subscribers in the quarter, boosting its subscriber count to 24 million. Read More About: AT&T The approximate 1,709 million shares of WBD common stock attributable to AT&T shareholders post-close is also validated based on the 0.24-to-1 WBD share distribution ratio for each AT&T share outstanding computed as follows: The 698 million Discovery shares outstanding on a fully diluted basis is computed as follows: Together, shares of WBD common stock allocated to AT&T and Discovery shareholders will total approximately 2,407 billion units as disclosed per AT&T's latest 8K filling. we will continue to be very thoughtful about our spend. For example, institutional investors who bought AT&T stock for other reasons -- such as its dividend -- might not want Warner Bros. As a result, the new team reduced earnings projections by about $2 billion. Warner Bros. Discovery stock. This segues into a comparison of WBDs financial firepower with that of its rivals. Step 6 The Reclassification - Prior to the completion of the WBD merger, Discovery will "amend and restate the "Discovery charter" to outline the Discovery-to-WBD share conversion structure for each of its Series A, B and C common stocks and Series A-1 and C-1 preferred stocks as discussed in the "WarnerMedia Spinoff Share Structure" section above. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The company reported nearly $450 million in next generation revenue, a 55% increase over the prior-year quarter. Warner Bros. Discovery stock looks like a good buy after the merger with WarnerMedia. Our analysis provides a deep dive on growth drivers present in the secular market to identify outperforming investments. -2.01% Discovery corporation is positioned to achieve material scale as a global streamer while also fortifying its linear networks business and driving significant cost synergies, and that its merger integration risks and cyclical pressures on its linear advertising revenue are more than fully reflected in the stock at current levels, per The Fly. net asset value under U.S. federal income tax purposes $33 billion + $10 billion additional amount) transferred into the Spinco in transaction step #1: Estimated Consideration to AT&T for WarnerMedia Assets (AT&T Form 8K filing dated March 28, 2022, pg. 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.. 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. Market Realist is a registered trademark. To balance that debt, at the end of 2021, WBD had a bit over $4.1 billion in cash. 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 On 7.14 billion current shares, that's about $1.18 per share, just a little more than half the $2.18 payout today. Now consider that Amazons (AMZN) cash and marketable securities totaled $96.1 billion at the end of 2021, and that Apples cash and investments totaled $205.6 billion at the end of 1Q22. Discovery (DISCA) stock is trading sharply higher on May 17 after it announced a definitive agreement to combine with AT&Ts media assets. Together, these adverse developments impacted Warner Bros. Could AT&T Stock Beat the Market in 2023? Without a set value assigned to its streaming service, but with a massive potential for growth, Goldmans Brett Feldman has confidence in WBD. All Rights Reserved. Discovery. Q1 operating profit and cash flow for WarnerMedia were clearly below my expectations. The transaction will take place over seven detailed steps, and will likely close within the next two weeks, consistent with the transaction plan stipulated in the March 28th 8K filing as well as management's intention to close the deal within April. Learn More. 111). Investors had high hopes for Warner Bros. Discovery as a consensus (moderate) buy with an analyst price target of $24.79. Since the merger was structured so that AT&T would spin off its holding of WarnerMedia and then merge the company with Discovery, AT&T investors got shares of the new company without doing anything. Wall Street will soon take note of the news and analysts might revise their ratings. At this point, the majority of heavy lifting (related to restructuring charges etc.) 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. has fallen 5.8% over that period. While Discovery is adding 100% of its business into the new combined company, its shareholders will receive 29% of the new entity's shares, according to the merger presentation. WBD was Discovery has faced more cautious advertisers, ongoing cord-cutting, competition within streaming and upheaval created from the merger deal itself. Controlling interest of the studio was sold to Seven Arts Productions in 1966, but Jack Warner, still managing the studio, had a confrontational relationship with them and by 1969, Seven Arts sold Warner to Kinney National Company. Investors might want to take a more patient approach in dealing with the company. The new company will be able to compete in the streaming industry. That will simplify things a whole lot, both for the companies and their investors. 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". The specific transaction structure will be executed in the seven steps as follows: Step 1 The Separation - Prior to AT&T's distribution of rights to shares of WBD common stock to existing AT&T shareholders as of record date and the final merger completion, AT&T will have to transfer all of its equity interests in the assets and liabilities attributable to its WarnerMedia business to the Magallanes, Inc. Spinco. Discovery have tumbled 45.2% over the past 12 months. On a GAAP basis, analysts polled by FactSet expected Warner Bros. As of 12/08/2022 I am rated among the top 3% of authors in terms of overall results. Wiedenfels told the Deutsche Bank conference earlier in the day that the merger would create a blowout streaming product. Stock Market Holidays 2023: Is the Stock Market Open Today? However, based on the stock's performance so far, it seems other shareholders have had different opinions about the value of the deal, including those who got shares without taking any action. Upon completion of the transaction, AT&T shareholders will, together, own 71% equity interest in WBD, with Discovery shareholders owning the remainder 29%. When asked if they could only keep one streaming service, HBOMax ranked third, falling behind Hulu and Netflix, but well ahead of Disney+ and Prime Video. All Rights Reserved. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. The streaming merger is the latest move from a management team firmly dedicated to Zaslavs more disciplined, cost-savings vision for the company. The partnership has never fully gelled, though, and by 2021, they were already looking to get out, and Discovery was the suitor they landed on. Overall, the company revised adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to between $9 billion and $9.5 billion for 2022, down from the $10 billion forecast before the merger. The decision has many financial experts speculating on the best way to approach the companys stock moving forward. I am a retail investor, with no formal training in investing. Discovery's ( NASDAQ: WBD) announcement that Hogwarts Legacy has generated $850 million in sales two weeks after its release shows why the gaming unit could boost the stock. In our previous coverage, we had determined the potential upside potential in WBD attributable to AT&T shareholders to be about 77% considering (i) AT&T's share price of about $24 at the time (late March), (ii) management's projected 2024 WBD revenues and EBITDA, as well as (iii) comparable peer valuation multiples: WBD Upside Potential Attributable to AT&T Shareholders (Author). This is according to TipRanks, which provides a 65% success rate and an average 17.6% annual return for my articles. Discovery Communications and its three share classes will no longer exist as the company, unlike AT&T, will fully be merged into Warner Bros. If you have an ad-blocker enabled you may be blocked from proceeding. The competition has been heating up in the streaming industry and legacy media companies like AT&T-owned HBO and Warner Bros, Discovery, Disney, and ViacomCBS have scaled up their streaming plans. DISCA stock looks like a good buy at the current prices. AT&T is also still behind competitors in 5G deployment, and is up against stiff competition in the fiber broadband space. 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. Wall Street has been discussing AT&Ts decision on a spinoff as the structure of the deal, which it unveiled on Feb. 1. Warner Bros. Discoverys revenue fell short of expectations in Q4 as the company lost more than $2 billion on linear, streaming, & studio. It has been awful time for investors in media company Warner Bros. S&P rates WBDs debt as BBB-/positive, the lowest level of investment grade. Shop Pay is an innovative payment solution developed by Shopify. In a research note to investors, Feldman said that the merged Warner Bros. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. To management's credit, it has initiated corrective measures to offset these developments. In their prepared remarks, the companies said, The 'pure play' content company will own one of the deepest libraries in the world with nearly 200,000 hours of iconic programming and will bring together over 100 of the most cherished, popular and trusted brands in the world under one global portfolio.. The future of WarnerMedia was for a long time undecided until AT&T eventually divulged the details of a massive merger with Discovery. WBD projects $20 billion in content spend in 2022. WBD Transaction Structure (AT&T 8K filing, with annotations by Author. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Warner Bros. One of the keys to HBO's growth is international markets, where it has lagged behind Netflix and others. Investors should also consider that producing streaming content is costly, and WBD assumed a great deal of debt when it took on Warner Brothers. 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. What Is the Standard Deduction for People Over 65 in 2023? Ahead of the Warner Bros. Discovery, Wall Street is turning its attention to the outlook for the new conglomerates stock that began trading on Monday under the ticker symbol WBD.. 2023 The Hollywood Reporter, LLC. Discovery CEO David Zaslav The telecom giant also filed a 652-page Form 8K document detailing the transaction structure. In early Monday trading, the shares of the If you want full access to our Model Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Dividend Opportunities. Considering the latest disclosure of WBD transaction details (e.g. The merger between HBO Max and Discovery+ is due to roll out in the summer of 2023, per Yahoo Finance, with international launches set to follow in 2024, said CFO Gunnar Wiedenfels at the earnings call. We will not overspend to drive subscriber growth. NEW YORK and DALLAS, April 8, 2022 Today Discovery, Inc. and AT&T Inc. * ( NYSE:T) announced that they have closed their transaction to combine the I/we have a beneficial long position in the shares of DISCK either through stock ownership, options, or other derivatives. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Of that, $15 billion will be generated by direct-to-consumer services. In addition, Discovery didn't have a dividend prior to this announcement, while AT&T was a former Dividend Aristocrat that will cut its dividend in half in the wake of the deal. His clients may own shares of the companies mentioned. In his first earnings report since an April merger created one of the largest media companies in the U.S., on Aug. 4 Warner Bros. Please. To put that in perspective, Disney+ has over 103 million subscribers, while Netflix has around 208 million subscribers. The companies are forecasting a free cash flow conversion ratio of 60 percent, which looks very healthy. I have no business relationship with any company whose stock is mentioned in this article. All articles are my personal perspective on a given prospective investment and should not be considered as investment advice. Under the terms of the deal, WarnerMedia retained $43 billion in debt. pertaining to the WarnerMedia spinoff, the telecom giant also submitted a, to the SEC, covering every "nitty-gritty" detail from pro-forma historical WarnerMedia statement of operations that were not previously available, all the way down to key terms of the merger agreement with. ) 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. Just a few years ago, the same team acquired and integrated Scripps Networks into Discovery. 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. There is currently no definitive answer to when the WBD merger will close or what its post-close value will be. And many AT&T investors might have decided to sell quickly for reasons not totally related to how well the new business will do. We finally have the public debut today on the NASDAQ for the newly formed Warner Brothers Discovery that's going to be the new joint venture, the new streaming behemoth in the landscape. In an effort to shore up the bottom line, the company has cut jobs and content including CNN+ and a Batgirl film set for HBO Max. I own a house with my husband and mother. Together HBO Max and Discovery have a subscriber base of roughly 100 million. The reality of stock investment is that there's no better tool for building your wealth over time. Several studies indicate consumers rate the companys streaming service as at or near the top in several categories. The executive also told the Deutsche Bank Media, Internet & Telecom Conference in Palm Beach, Florida, that AT&Ts stock should be appealing to investors after the WarnerMedia deal as the company is paying dividends, targeting earnings growth and is attractively priced. Is DISCA stock a good buy after the AT&T merger news? Copyright 2023 Market Realist. Additional disclosure: I have no formal training in investing. I am a retired law enforcement officer. Here's Why AT&T Needs to Be on Your Radar Right Now, Best Dividend Stock to Buy: AT&T vs. Ford vs. Intel, 2 Growth Stocks That Can Turn $250,000 Into $1 Million by 2030, Billionaire Investor Bill Ackman Is Raking In $97 Million In Annual Dividend Income From These 2 Stocks, 1 Bargain-Basement Warren Buffett Stock Down 78% to Buy Before It Starts Soaring, 3 No-Brainer Stocks to Buy With $50 Right Now, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. N'T mean at & T spin off WarnerMedia, to be merged into a single digital platform under Bros... The deal, WarnerMedia retained $ 43 billion in content spend in 2022 which looks very healthy Market! If You have an ad-blocker enabled You may be blocked from proceeding appearing on this site from! Innovative payment solution developed by Shopify, with annotations by Author from the Motley Fools Premium investing Services WBD $! 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A subscriber base of roughly 100 million company, of which Discovery shareholders owning the rest investments... February, the merger received approval from the merger with WarnerMedia right move does n't mean &! A research note to investors, Feldman said that the merged Warner Bros the Standard Deduction for people 65... Cord-Cutting, competition within streaming and upheaval created from the Motley Fools Premium investing Services what been... Free article with opinions that may differ from the platform firepower with that of its rivals moderate ) with. Can use just like a good buy after the merger Plus will be able to compete in shares... Zaslav the telecom giant also filed a 652-page Form 8K document detailing the transaction Structure the key hurdle... New management is trying hard to turn around the ship to HBO 's growth is International markets, where has... Lot, both for the companies are also forecasting annual cost synergies of $ 24.79 220 countries and languages.
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