Three key creative executives from WarnerMedia will also report directly to Zaslav: HBO chief content officer Casey Bloys; Warner Bros. Television Group chairman Channing Dungey; en Warner Bros. Picture Group chairman Toby Emmerich.
Shareholders of BY&T (T)
, which spun off WarnerMedia earlier this week
71% of shares in the new company
, and Discovery shareholders hold
29%. But the transaction represents AT
&T’s reversal of an earlier plan to become a media heavyweight
. With Friday’s deal
“naby,” in Wall Street speak
, BY&T has officially unwound its
2018 takeover of Time Warner and refocused on its core business
BY&T CEO John Stankey bid farewell to the media company in a candid memo to staffers on Friday. “Getting to this moment was one of the more difficult decisions of my life,” hy het geskryf. “I am sure you aren’t surprised that it came with a fair amount of anxiety, disappointment, and concern relative to the changes it would trigger. All considered, I remain confident we have set the right path.”
“Oortyd,” Stankey wrote, “the combination of WarnerMedia and Discovery will bring forth a stronger company and quicken the already strong pace of innovation and change you have established.”
Warner Bros. Discovery is anticipating $ 3 billion in what businesses often refer to as “synergies,” which means the combination will almost certainly entail layoffs. Reeds, many of Warner’s top executives have exited the company, including WarnerMedia CEO Jason Kilar, whose last day was Friday.
Zaslav wrote in an internal memo on Thursday that “we are establishing a simpler organizational structure with fewer layers, more accountability and more resources focused on the screen.”