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Discovery shareholders approve WarnerMedia deal

The approvals set the stage for the $43 billion deal to close in Q2, 2022

The shareholders of Discovery Inc have approved various matters relating to its acquisition of WarnerMedia from AT&T to create Warner Bros. Discovery, Inc.

The approvals set the stage for the $43 billion deal to close in Q2, 2022.

Based on estimated preliminary voting results, Discovery said that during the special meeting, Discovery stockholders voted to approve the charter amendment proposals, share issuance proposal and the advisory (non-binding) compensation proposal.

The approvals mark the completion of one of the few remaining closing conditions for the merger. These preliminary voting results will be updated through the filing of a Current Report on Form 8-K to reflect the final certification of results from the Inspector of Election, the company said.

The boards of directors of both AT&T and Discovery have approved the transaction.

The deal received approval from the United States’ Department of Justice in February, and the European Commission approved the deal in December.

First announced in May 2021, the merger will see WarnerMedia’s entertainment, sports and news assets join forces with Discovery’s nonfiction and international entertainment and sports businesses to create a stand-alone global entertainment company.