AT&T CEO John Stankey Says WarnerMedia-Discovery Merge On Track – Deadline


AT&T CEO John Stankey said the company is working closely with regulators on the WarnerMedia-Discovery deal announced in late May and so far hasn’t seen anything “that’s been particularly problematic” in the review process.

“No news is good news,” he said on a conference call to discuss the telecom and broadband giant’s quarterly earnings. “We’re basically tracking through the process, as we would expect to do. Right now it’s a lot of wok with the regulatory agencies and [producing] documentation and information and all that is underway.”

- Advertisement -

He still expects approval will take a full year with a green light in 2022. “I don’t have any reason to suggest it is going to be any different than that,” he said in response to a question. The deal hasn’t helped the stock price of either company (AT&T shares are off slightly in early trade Thursday) in part on the long lead time, which ends up being a bit of an anticlimax in such a fast moving media landscape.

AT&T Adds 2.8M HBO And HBO Max Subscribers In Q2, Smashes Wall Street Forecasts

An earlier deal inked late last year for DirecTV, however, will close earlier than anticipated — over the next several weeks sometime in early August, he said, calling it a “pleasant surprise” how quickly it moved ahead. Some 30% of the satellite broadcaster was turned over to TGP to create separate, standalone entity.

- Advertisement -

He called WarnerMedia-Discovery proposition pretty “straightforward” “If we were to be surprised and it closes sooner we will take it and be prepared for it.”

The speed of another recent combination — Amazon’s proposed acquisition of MGM — has been called into question by news that the FTC is probing the deal.

AT&T company is shrinking by the day as it unloads assets and unwinds major acquisitions to re-focus on its core business lines.

- Advertisement -

It will become a smaller company when DirecTV separates. Assuming an imminent close, it outlined the expected impact of the deal on financials for the remainder of 2021: Revenues to be lower by $9 billion; EBITDA to be lower by $1 billion; free cash flow to be lower by about $1 billion, equating to $26 billion for the year.

No change is expected to updated adjusted EPS and capital investment guidance.

AT&T expects proceeds of about $7.8 billion at close of the DirecTV transaction, and annual cash distributions of more than $1 billion.




Source Link

- Advertisement -

Share

Latest Updates

Jaime Pressly Joins ‘The Re-Education Of Molly Singer’ – Deadline

EXCLUSIVE: We told you earlier about the cast for the Andy Palmer-directed indie feature The Re-Education of Molly Singer, and we just learned that Mom actress...

‘Sweet Tooth’ Director Alexis Ostrander To Helm Screen Gems’ ‘Delilah’ – Deadline

EXCLUSIVE:  Alexis Ostrander, who has directed episodes of AppleTV+’s M. Night Shyamalan series Servant and Netflix hit series Sweet Tooth is set to...

Women In Film, ReFrame & Time’s Up Blast Disney Attack On Scarlett Johansson – Deadline

Seriously, Disney, you’re not lookin’ so good. In the wake of the $319.8 billion entertainment media conglom calling Scarlett Johansson’s breach of contract Black...

Trending News

Jaime Pressly Joins ‘The Re-Education Of Molly Singer’ – Deadline

EXCLUSIVE: We told you earlier about the cast for the Andy Palmer-directed indie feature The Re-Education of Molly Singer, and we just learned that Mom actress...

‘Sweet Tooth’ Director Alexis Ostrander To Helm Screen Gems’ ‘Delilah’ – Deadline

EXCLUSIVE:  Alexis Ostrander, who has directed episodes of AppleTV+’s M. Night Shyamalan series Servant and Netflix hit series Sweet Tooth is set to...

Women In Film, ReFrame & Time’s Up Blast Disney Attack On Scarlett Johansson – Deadline

Seriously, Disney, you’re not lookin’ so good. In the wake of the $319.8 billion entertainment media conglom calling Scarlett Johansson’s breach of contract Black...

Walmart, Disney Announce New COVID-19 Steps Amid Delta Surge

<!-- -->Walmart workers in areas of high transmission are required to wear a mask, the company said.New York, United States: Walmart announced Friday...

‘The Conjuring’ Franchise Clicks Past $2 Billion At Global Box Office – Deadline

New Line’s The Conjuring: The Devil Made Me Do It has grossed more than $196M WW, catapulting the entire Conjuring franchise through seven movies past $2 billion...

Jennifer Lopez Is A Ray Of Sunshine In New Pics. See What She Posted

<!-- -->Jennifer Lopez shared this image. (courtesy jlo)HighlightsJennifer Lopez shared sun-kissed pictures on Instagram She recently made it Instagram official with Ben Affleck ...