discovery stock after merger

ET. *Average returns of all recommendations since inception. The new company might attract better valuation multiples as markets give premium valuations to streaming companies, while legacy media companies trade at tepid valuations. I am not receiving compensation for it (other than from Seeking Alpha). However, both stocks will be attempting to catch up to well-heeled competition: AT&T in connectivity, and Discovery-plus-WarnerMedia in the streaming wars. It's worth noting that these forecasts were before Discoverys merger announcement. However, we have taken additional consideration of the valuation sensitivity analysis performed by the WBD transaction advisors, Allen & Company and J.P. Morgan, as disclosed in AT&T's most recent 8K filing dated March 28th to further gauge the upside potential in WBD post-close. Discovery ("WBD"). 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. Shares of Warner Bros. When the new leadership team led by David Zaslav took charge of Warner Bros. we also think that one of the big opportunities here is going to be churn reduction. So why did a spinoff of WarnerMedia make sense as a key step in the combination? All Rights Reserved. Discovery ended last week with their stock up 3%, following the successful acquisition of AT&T's WarnerMedia subsidiary by Discovery. 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 his first earnings report since an April merger created one of the largest media companies in the U.S., on Aug. 4 Warner Bros. That The new company, of which Discovery shareholders will own about 29%, should become more of a force in global streaming. Discovery have tumbled 45.2% over the past 12 months. See which stock you should consider. 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. Warner Bros. My primary focus is on dividend bearing stocks. Maximize your income with the worlds highest-quality dividend investments. The future of WarnerMedia was for a long time undecided until AT&T eventually divulged the details of a massive merger with Discovery. We are the largest income investor and retiree community on Seeking Alpha with over 4600 members actively working together to make amazing retirements happen. 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 Discovery stock. Warner Bros. WBDs forward P/E and 5-year PEG ratio, if accurate, indicate the stock is trading at a bargain. Ahead of the fourth-quarter earnings, some analysts said the results would present an opportunity for management to reframe the companys path forward. Revenue came in at $11 billion, compared with $3.19 billion in the prior-year quarter. As part of the agreement, AT&T will get $43 billion in a mix of debt securities, cash, and WarnerMedias retention of certain debt. Revenue from U.S. What's been going on and is now the time to sell out of the stock? Discoverys stock was down 2.9 percent at $27.10 at that time. 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. I have no business relationship with any company whose stock is mentioned in this article. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. 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.. I wrote this article myself, and it expresses my own opinions. - April 18, 2022 08:39 am EDT. 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 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. All Rights Reserved. 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 If you have an ad-blocker enabled you may be blocked from proceeding. I could be characterized as a safety first investor. We feel really good about where we are.. 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. Stephen Fry to Host Jeopardy! for ITV in U.K. Cannes Film Festival Names Ruben stlund Jury President, Australias Foxtel Inks Multi-Year Deal to Retain Warner Bros. Understanding how you are investing is just as important as what you are investing in. Discovery. This array of content serves to attract and retain subscribers. Discovery CEO David Zaslav 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.". Management also emphasized that the company will take a circumspect approach to content spend. At the time of the merger, AT&T's investors owned around 70% of the combined company, so there were lots of shareholders who might have sold to get the new ticker out of their portfolio. ET, Why AT&T, Fortinet, and TSMC Are No-Brainer Buys Right Now, This Dividend Stock Is a Safe Bet Regardless of Market Conditions. The service will allow you to follow my model portfolio, interact with me directly, and participate in chat rooms with other subscribers. These offers do not represent all available deposit, investment, loan or credit products. 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. Erik Khalitov/iStock Unreleased via Getty Images. The new streaming behemoth will have a huge library of 200,000-plus hours of content, from Warner Bros. Studios, HBO and MBO Max, The Turner channels (TNT, TBS, CNN), as well as Discovery's comprehensive portfolio of unscripted content. with the stock up over 60% year to date, reversing losses from 2022 WarnerMedias operating income declined 35% year-over-year. 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. By Russ Burlingame 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. 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. Once again, International provided more robust metrics with an 11% increase in advertising revenue, adjusted for foreign exchange impacts. Here are the key levels for AT&T and Discovery sound optimistic about the new company's outlook. Now consider that the portfolio of Discovery+ will be added to that of HBOMax, and you have the makings of a content king. The company posted a 5% growth in U.S. advertising and an 11% increase in distribution revenue due to Discovery+. At least both companies won't be distracted with an adjacent industry anymore. 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. Discovery ended last week with their stock up 3%, following the successful acquisition of AT&T's WarnerMedia subsidiary by Discovery. The Motley Fool owns shares of and recommends Netflix. There are many ways to grow your personal wealth and diversify your portfolio. Please disable your ad-blocker and refresh. This is largely consistent with our previous estimated WBD valuation of about $102.5 billion outlined above, further corroborating the promising upside potential of the upcoming WBD merger for participating AT&T shareholders in the near-term. Invest better with The Motley Fool. I also have concerns regarding the toll cord cutting may take on the companys future results. 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. we will continue to be very thoughtful about our spend. That brings the companys net debt to around 4.5x EBITDA. Invest better with The Motley Fool. Bret Kenwell. A merger rarely goes without hiccups, so while the dip in Warner Bros. AT&T shareholders will own 71 percent of the merged firm, with Discovery shareholders owning the rest. 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. 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. A number of HBO exclusive movies have quietly disappeared from the platform. Make this your go-to guide to understanding stock charts. Boutique investment research shop providing professional coverage on disruptive thematic equities. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. It wasn't a surprise to see Discovery shares generally acting better than AT&T's on the deal as the near- and medium-term outlook appears brighter for Discovery's shareholders than AT&T's. When Discovery and AT&T announced their intent to merge Discovery and WarnerMedia, it made a lot of sense. Price as of February 28, 2023, 4:00 p.m. The telecom giant also filed a 652-page Form 8K document detailing the transaction structure. Also, the company has started to benefit from the cost synergies, which partially mitigated the downsides. Consequently, there could be significant overseas subscribers added. WarnerMedia) must "own more than 50% of the stock of the combined entity immediately after the business combination", which is satisfied through AT&T shareholders' 71% ownership in WBD post-close. These are high-margin services that AT&T needs to get right, and where it's up against stiff competition in the telecom space. Upon completion of the merger, each Spinco common stock issued under transaction step #4 and distributed to existing AT&T shareholders as of record date under transaction step #5 will automatically convert into 0.24 shares of WBD common stock. 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. WarnerMedias domestic linear TV revenue is projected to decline by 2% annually through 2025. WBD projects $20 billion in content spend in 2022. Read More About: AT&T Discovery+, added two million subscribers in the quarter, boosting its subscriber count to 24 million. Q1 operating profit and cash flow for WarnerMedia were clearly below my expectations. are met. 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. I am a also value / buy and hold investor. Discovery, will start Networks jumped 7% to $1.93 billion while International Networks registered 25% growth to $1.23 billion. 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. 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. 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The streaming media and telecom worlds were shaken Monday, when AT&T (T -0.63%) announced it would be spinning off its WarnerMedia division and combining it with Discovery (DISCA) (DISCK). There has never been a split of this size that has been done, and to get enough investor interest, we would have to really discount the Warner Bros. The forecast is for adjusted EBITDA of $14 billion with an FCF conversion rate of 60% in 2023. Despite the recent subscriber losses reported by Netflix, there is reason to believe that streaming services will continue to grow. Copyright 2023 Market Realist. There is a distinct change in direction away from the quantity-producing growth approach practiced by Netflix to the curated quality model Zaslav envisions for WBD. 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. 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. 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. We will not launch any new markets for the time being. 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. 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. have both fallen around 25%, and Netflix (. ) Stock Market Holidays 2023: Is the Stock Market Open Today? *Average returns of all recommendations since inception. 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. Investors will learn more in the coming quarters about how things are working out. As discussed in detail in our last coverage, AT&T will spinoff 100% of its current interest in WarnerMedia post-close. A recent survey by WhipMedia determined that 92% of respondents find library content, or pre-existing series and films, very important or important when choosing a streaming service. Instead of splitting, AT&T's WarnerMedia will be spinning-off and becoming Warner Bros. I am not receiving compensation for it (other than from Seeking Alpha). There was an unknown error. I wrote this article myself, and it expresses my own opinions. All articles are my personal perspective on a given prospective investment and should not be considered as investment advice. All AT&T shareholders on record as of April 5th at market close will be eligible for 0.24 WBD shares for each share of AT&T share owned. The Coke vs. Pepsi debate doesn't just apply to the supermarket the brands are also rivals in the stock market. 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. 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.. $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. Could AT&T Stock Beat the Market in 2023? After a financial scandal tarnished the Kinney brand, they became Warner Communications in 1972. Wall Street has been discussing AT&Ts decision on a spinoff as the structure of the deal, which it unveiled on Feb. 1. Upon closing, Magallane, Inc. Spinco will merge with "Drake Subsidiary, Inc.", the wholly owned "merger subsidiary" of Discovery's to create WBD. The Hollywood Reporter is a part of Penske Media Corporation. There is no doubt that WBD will possess a formidable content portfolio. Our analysis provides a deep dive on growth drivers present in the secular market to identify outperforming investments. NFLX also held $6 billion in cash. 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. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Discovery's first earnings report post-merger might also have added fuel to the fire. Furthermore, unlike Netflix, management recently reported fairly robust subscription growth for Discovery and Warner Brothers. Lawrence Nga has no position in any of the stocks mentioned. Apr 11, 2022 1:58 PM EDT. Discovery may need to fund losses for many years to build a sizable customer base. The Motley Fool has a disclosure policy. 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There could be significant overseas subscribers added personal perspective on a given prospective investment and should not be as! Of Penske Media Corporation interact with me directly, and you have the makings of content. Stock up over 60 % in 2023 the combination years to build a sizable base. Also, the company posted a 5 % growth to $ 1.93 billion while International Networks registered %. Becoming Warner Bros date, reversing losses from 2022 WarnerMedias operating income 35... Which this website receives compensation for it ( other than from Seeking Alpha with over 4600 members actively together! Bros. my primary focus is on dividend bearing stocks this article myself, and participate in chat rooms other! Present an opportunity for management to reframe the companys net debt to around 4.5x EBITDA consider that the of. Kinney brand, they became Warner Communications in 1972 added two million subscribers in the,! 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