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  • Writer's pictureIshfaaq Peerally

Discovery Merges with WarnerMedia WBD

The merger between Discovery and WarnerMedia took place and the new company, Warner Bros Discovery is listed as $WBD . It was done through a Reverse Morris Trust transaction, whereby, AT&T $T had a spinoff of WarnerMedia, which was then acquired by Discovery.

AT&T shareholders own 71% of the new company. Each share of AT&T was converted to about 0.24 shares of the WBD. The stock price of AT&T was readjusted.

For Discovery shares, it was a little more complicated. DISCB and DISCK shares were converted into DISCA shares. Then, each DISCA share was converted into one WBD share.

WBD has a market cap of $59 billion. The intrinsic value according to me is $78 billion, which means that the company is undervalued.

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