Discovery Inc said that the recently announced global entertainment and media business created with Discovery and WarnerMedia assets will be named Warner Bros. Discovery.
Discovery Chief Executive David Zaslav made the announcement during a meeting with WarnerMedia employees at the Warner Bros. studio lot in Burbank, Calif., the company said. WarnerMedia Chief Executive Jason Kilar asked Zaslav questions, according to a source familiar with the meeting, in which Zaslav introduced himself and Discovery to WarnerMedia employees.
AT&T Inc and Discovery said in May that they would combine content from WarnerMedia – including the Harry Potter and Batman franchises, news network CNN and sports programming – and Discovery’s unscripted shows from lifestyle TV networks such as HGTV and TLC.
The deal underscores the movement of TV viewership to streaming, where scale is required to take on the likes of Netflix and Walt Disney Co.
Discovery’s Zaslav will lead Warner Bros. Discovery, which is expected to see $3 billion in cost synergies with no plans to sell any assets. The deal is anticipated to close in mid-2022, pending approval by Discovery shareholders and regulatory approvals.