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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https://www.youtube.com/watch?v=wOemhn_e0ls&list=UUPO3uUyoXSaFWG-Ldq1mqEQ


Full analysis of Discovery:

https://ishfaaqpeerally.teachable.com/courses/662813/lectures/31950949


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