NEW YORK—The proposed merger between Discovery and WarnerMedia has passed an important hurdle, with Discovery reporting that the proposed merger has passed U.S. regulatory review for possible antitrust violations.
Discovery made the disclosure in a filing with the Securities & Exchange Commission.
The deal has already been approved by European regulators and only needs to be approved by shareholders to be finalized. Discovery and AT&T have said the $43 billion deal is expected to close in the second quarter of 2021.
In the 425 Filing, Discovery told the SEC that: “As of February 9, 2022, Discovery, Inc. (“Discovery”) and AT&T Inc. (“AT&T”) have satisfied the closing condition in Section 9.1(d)(i)of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of May 17, 2021, by and among Discovery, AT&T, DrakeSubsidiary, Inc. and Magallanes, Inc. (“Spinco”) relating to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended(“HSR Act”). The HSR Act statutory waiting period has expired or otherwise been terminated, and any agreement not to consummate the transaction between the parties and the Federal Trade Commission or the Antitrust Division of the United States Department of Justice or any other applicable governmental entity, has also expired or otherwise been terminated.”
