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AT&T INC.

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Warner Bros. Discovery' Will Be Name of Media Colossus Formed in Merger

06/01/2021 | 11:20am EDT

By Benjamin Mullin

The combination of AT&T Inc.'s WarnerMedia unit with Discovery Inc. won't be completed until next year, but the new company already has a name: Warner Bros. Discovery.

Discovery Chief Executive Officer David Zaslav announced the name during a town hall meeting Tuesday with WarnerMedia CEO Jason Kilar. Mr. Zaslav, who will lead Warner Bros. Discovery, added that the name is meant to evoke the company's focus on storytelling, exemplified by the nearly century-old Warner Bros. studio.

Also during the town hall, Mr. Zaslav said the new company's tagline will be "The Stuff That Dreams Are Made Of," a reference to the classic 1941 noir film "The Maltese Falcon" starring Humphrey Bogart and distributed by the Warner Bros. film studio. During one scene in the movie Mr. Bogart's character, Sam Spade, refers to the titular Maltese Falcon statuette as "the stuff that dreams are made of," a line that riffs on a similar one in Shakespeare's "The Tempest."

Mr. Zaslav said during the meeting that the company's new name and tagline are intended to emphasize its heritage as a content company.

Tuesday's meeting was the first time the two executives made a joint appearance since Discovery and AT&T announced the deal in May. Mr. Kilar wasn't involved in early-stage negotiations between AT&T and Discovery, leading to speculation that he might not have a substantial role during the two companies' integration. But last week, Mr. Kilar told employees that he would stay until the merger is completed.

Write to Benjamin Mullin at Benjamin.Mullin@wsj.com

(END) Dow Jones Newswires

06-01-21 1320ET

Stocks mentioned in the article
ChangeLast1st jan.
AT&T INC. 0.28% 28.19 Delayed Quote.-1.98%
DISCOVERY, INC. -4.19% 27.87 Delayed Quote.-7.38%
DJ INDUSTRIAL 0.80% 35116.4 Delayed Quote.14.14%
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Financials (USD)
Sales 2021 174 B - -
Net income 2021 18 273 M - -
Net Debt 2021 161 B - -
P/E ratio 2021 11,1x
Yield 2021 7,40%
Capitalization 201 B 201 B -
EV / Sales 2021 2,08x
EV / Sales 2022 2,00x
Nbr of Employees 226 840
Free-Float 93,6%
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Mean consensus HOLD
Number of Analysts 29
Last Close Price 28,19 $
Average target price 31,67 $
Spread / Average Target 12,3%
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Managers and Directors
John T. Stankey President, CEO, COO & Director
Pascal Desroches Chief Financial Officer & Senior Executive VP
William E. Kennard Independent Chairman
David S. Huntley Chief Compliance Officer & Senior Executive VP
Matthew K. Rose Lead Independent Director
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