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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Full analysis of Discovery:
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