Discovery ("WBD"). As of Aug. 5, MarketBeat lists Warner Bros. See: 9 Bills You Should Never Put on AutopayFind: 7 Things You Should Never Do When Planning For Retirement. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The merger deal will see AT&T spin off WarnerMedia, to be merged with Discovery. To make the world smarter, happier, and richer. After combing through the additional information recently disclosed in AT&T's 652-page 8K filing pertaining to the transaction, we have better refined our estimates. It's a busy time for Warner, who besides the Discovery merger are also reportedly in the market for a buyer for The CW, a network they co-own with Paramount, the parent company of CBS (and ComicBook.com). The companies are forecasting a free cash flow conversion ratio of 60 percent, which looks very healthy. Together, these adverse developments impacted Warner Bros. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). May 17, 2021 2:01 PM EDT. We will not sort of chase aggressively behind subscriber growth. Since the merger was structured so that AT&T would spin off its holding of WarnerMedia and then merge the company with Discovery, AT&T investors got shares of the new company without doing anything. Subscribe for full access to The Hollywood Reporter. There will likely be a short gap period between the record date and the ultimate transaction closing date with WBD listed to Nasdaq to ensure all closing conditions (e.g. Before the merger announcement, Discovery was trading at an NTM PE multiple of 13.2x, which looked undervalued. There was an unknown error. It has been awful time for investors in media company Warner Bros. I own a house with my husband and mother. Another massive streaming giant round the corner? on companies with competitive advantages and strong balance sheets. Discovery transition into a direct-to-consumer powerhouse by focusing further investment in content and the user experience, which has garnered complaints on both HBO Max and Discovery+.. Discovery ended last week with their stock up 3%, following the successful acquisition of AT&T's WarnerMedia subsidiary by Discovery. Under the terms of the deal, WarnerMedia retained $43 billion in debt. Among the reports that came out of the first week of Warner Bros. The forward P/E for the company is 8.68x, and the 5-year PEG is 0.43x. Sign up for THR news straight to your inbox every day. (I update this score on at least a quarterly basis for readers.). Discovery stock at a time when those shares dont fully reflect the value that we see long-term for the combined company.. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Prior to WBDs quarterly report announcement, Barrons reported that analysts at Goldman Sachs reinstated a buy rating and price target of $22 on Warner Bros. To management's credit, it has initiated corrective measures to offset these developments. Discovery has over 15 million paying streaming subscribers globally, while HBO and HBO Max reportedly have 64 million subscribers globally. Please disable your ad-blocker and refresh. Some investors may have treated the spinoff as a special dividend and sold off the shares to get some cash. Although I endeavor to provide accurate data, there is a possibility that I inadvertently relay inaccurate or outdated information. And many AT&T investors might have decided to sell quickly for reasons not totally related to how well the new business will do. Step 3 Special Cash Payment - Prior to AT&T's distribution of rights to shares of WBD common stock to existing AT&T shareholders as of record date and the final merger completion, the Magallanes, Inc. Spinco will make a "Special Cash Payment" to AT&T totaling $33 billion, which represents the estimated fair value of AT&T's equity interest in total WarnerMedia assets and liabilities to be transferred to Spinco as discussed in transaction step #2. Bret Kenwell. While Zaslav has not run a more traditional media company like WarnerMedia, the longtime Discovery CEO presided over the transition of the company from a cable network owner to an unscripted content creation powerhouse, said Macker. totaling approximately $42 billion received from a combination of bridge loans, term loan credit agreements, note issuances, and revolving credit agreements obtained or completed through commitments with JPMorgan Chase Bank, Goldman Sachs Bank, Goldman Sachs Lending Partners LLC, and "certain other financial institutions". And right or wrong, management has made a decision to invest a lot of the incoming funds into a number of investment initiatives. Upon completion of the transaction, AT&T shareholders will, together, own 71% equity interest in WBD, with Discovery shareholders owning the remainder 29%. On Friday, Discovery shareholders formally approved the mega-combination of the factual and lifestyle media powerhouse Discovery with AT&Ts entertainment arm. AT&T stockholders will end up owning 71 percent of the new Warner Bros. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. What the Smartest Investors Know About Warner Bros. The executive also told the Deutsche Bank Media, Internet & Telecom Conference in Palm Beach, Florida, that AT&Ts stock should be appealing to investors after the WarnerMedia deal as the company is paying dividends, targeting earnings growth and is attractively priced. Discovery to report a loss of 35 cents a share, on revenue of $11.2 billion. All rights reserved. Discovery is now a buy, hold or sell. We currently are holding a limited-time sale with 10% off your first year! Management also emphasized that the company will take a circumspect approach to content spend. There is currently no definitive answer to when the WBD merger will close or what its post-close value will be. Disclosure: I/we have a beneficial long position in the shares of DISCK either through stock ownership, options, or other derivatives. -0.30% There is no doubt that WBD will possess a formidable content portfolio. In February, the merger received approval from the U.S. Department of Justice, the key regulatory hurdle for the merger. On 7.14 billion current shares, that's about $1.18 per share, just a little more than half the $2.18 payout today. At the time Find Out If You Got a Pell Grant as Student Loan Forgiveness Enters Supreme Court, 7 Things You Should Never Do When Planning For Retirement. You can click on the 'unsubscribe' link in the email at anytime. Chief Financial Officer Gunnar Wiedenfels, during Warner Bros. Discoverys Discovery stock is trading higher after markets gave a thumbs up to the merger between Discovery and WarnerMedia. Management discussed a number of concerns to be addressed now that the merger is complete. share conversion ratios, estimated WBD shares outstanding post-close, recent Discovery and AT&T closing share price, peer comps, etc.) The spinoff and dividend cut is probably the right long-term move for AT&T, as it will offload some $43 billion in debt to the new WarnerMedia company. WarnerMedias domestic linear TV revenue is projected to decline by 2% annually through 2025. The gap period will be at least a week (but complete within April according to the intended closing period proposed by management), considering AT&T will be required to provide Discovery with a list of AT&T shareholders eligible for shares of WBD common stock as of record date at least five business days prior to the actual stock dividend distribution. Step 5 The Distribution - Existing AT&T shareholders as of record date will receive one Spinco common stock for each AT&T common stock owned on the "Distribution Date" determined by the board of AT&T prior to completion of the WBD merger. Discovery. Please try again later. On the closing date of the transaction, anticipated to be in April, AT&T shareholders will receive, on a tax-free basis, an estimated 0.24 shares of stock in The thinly traded shares (ticker: DISCB) that are 95% owned by media mogul and Discovery board member John Malone traded Tuesday at $68.88, down $1.02. Readers should consider this when weighing my buy/hold/sell recommendations. I wrote this article myself, and it expresses my own opinions. David Nadelle is a freelance editor and writer based in Ottawa, Canada. Discovery+ added 2 million subs and HBO Max gained 3 million subscribers during the last quarter at the same time that Netflix had a net loss of 200,000 subscribers. I am a retail investor, with no formal training in investing. Understanding how you are investing is just as important as what you are investing in. My primary focus is on dividend bearing stocks. If content is king, an argument can be made that WBD takes the crown. NFLX also held $6 billion in cash. Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings. We will not overspend to drive subscriber growth. Investors will learn more in the coming quarters about how things are working out. The merger with Discovery has the above-stated benefits for AT&T, including significantly reduced debt. Discovery reported a fourth-quarter net loss of $2.08 billion, or 86 cents a share, after a profit of $38 million, or 8 cents a share, in the same quarter in 2021. Discovery CEO David Zaslav Disclosure: I/we have a beneficial long position in the shares of AMZN AAPL either through stock ownership, options, or other derivatives. Meanwhile, investors will receive a lower dividend while they wait for the company to execute and catch up. Is this happening to you frequently? After all, the spinoff is tantamount to an admission of error on the hugely expensive 2018 acquisition of Time Warner, which was the signature move of prior management. Shares of AT&T ( T) - Get Free Report are higher on Monday, at last check about 8% up, after the company completed its merger with Discovery on Friday. Consequently, I rate WBD as a HOLD. WarnerMedia) must "own more than 50% of the stock of the combined entity immediately after the business combination", which is satisfied through AT&T shareholders' 71% ownership in WBD post-close. The distributed Spinco common stocks can be exchanged for 0.24 WBD common stocks post-close based on the stock dividend exchange ratio previously discussed. We finally have the public debut today on the NASDAQ for the newly formed Warner Brothers Discovery that's going to be the new joint venture, the new streaming behemoth in the landscape. Revenue from U.S. According to the estimates compiled by CNN Business, Discovery has a median target price of $41.5, which is a premium of 16.4 percent over its May 14 closing prices. Invest better with The Motley Fool. Our focus is to invest in content and platforms that extend the life and return of our global IP, and position us to drive greater returns out of each dollar of content spend than our peers and to ultimately drive free cash flow. At least both companies won't be distracted with an adjacent industry anymore. That will simplify things a whole lot, both for the companies and their investors. AT&T announced last week that April 5th at market close will be the record date for AT&T shareholders eligible for the special stock dividend pertaining to the upcoming WBD transaction. Discoverys stock was down 2.9 percent at $27.10 at that time. The company the result of a merger last year between AT&Ts WarnerMedia and Discovery reported a fourth-quarter net loss of $2.08 billion, or 86 The transformation weve undergone over the past 18 months while delivering outstanding operational results has brought us to this point. The management team has plenty of experience executing mergers. Bolstered by strong international results, WBD increased total revenue by 13% to $3.16 billion. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. These offers do not represent all deposit accounts available. David has covered a wide variety of financial and lifestyle topics for numerous publications and has experience copywriting for the retail industry. Of course, the numbers behind the earnings report pertain to the former Discovery, Inc; however, management provided some important metrics related to WarnerMedia, as well as some relevant commentary. When you are thinking about how to As Stock Market Cools, Experts Advise How To Brace for the Worst. Upon closing, Magallane, Inc. Spinco will merge with "Drake Subsidiary, Inc.", the wholly owned "merger subsidiary" of Discovery's to create WBD. They added that advertising trends in January appeared to have improved from December. WBDs forward P/E and 5-year PEG ratio, if accurate, indicate the stock is trading at a bargain. Discovery stock after the merger has been unpleasant, management can still make Hogwarts Legacy launched on Feb. 10. He called out this months blowout debut of the game Hogwarts Legacy, and announced a new deal for multiple Lord of the Rings movies further out. Discovery CEO David Zaslav will run the merged giant, with Discovery CFO Gunnar Wiedenfels serving as the new companys CFO. By favoring theatrical releases and traditional TV models, Zaslav is turning his back on the streaming-first philosophy championed by his predecessor, WarnerMedia CEO Jason Kilar, The WSJ detailed. Here are the key levels for To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Maximize your income with the worlds highest-quality dividend investments. AT&T is also still behind competitors in 5G deployment, and is up against stiff competition in the fiber broadband space. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Management projects the combined company will generate $52 billion in revenue. Discovery (WBD -2.01%). The potential synergies and economies of scale looked to position the combined company well to compete in the media and entertainment industry. The new entity will focus on streaming services. The specific transaction structure will be executed in the seven steps as follows: Step 1 The Separation - Prior to AT&T's distribution of rights to shares of WBD common stock to existing AT&T shareholders as of record date and the final merger completion, AT&T will have to transfer all of its equity interests in the assets and liabilities attributable to its WarnerMedia business to the Magallanes, Inc. Spinco. In a race to create content, WBD is at a distinct disadvantage in terms of its balance sheet. That, plus the lower dividend, will allow AT&T to focus on building out its 5G network and its fiber footprint over the next few years. I am a graduate of the U.S Army Ranger school and a former member of the 1st Ranger Battalion and The Old Guard (U.S Army Honor Guard.) Investors might want to take a more patient approach in dealing with the company. Discovery may need to fund losses for many years to build a sizable customer base. Sign up for our daily newsletter for the latest financial news and trending topics. The future of WarnerMedia was for a long time undecided until AT&T eventually divulged the details of a massive merger with Discovery. Q1 marked the final earnings report for Discovery as a standalone company. Copyright 2023 ComicBook.com. ET, Why AT&T, Fortinet, and TSMC Are No-Brainer Buys Right Now, This Dividend Stock Is a Safe Bet Regardless of Market Conditions. All Right Reserved. In early Monday trading, the shares of the With over 40 individual picks yielding +7%, you can supercharge your retirement portfolio right away. Copyright 2023 MarketWatch, Inc. All rights reserved. A recent survey by WhipMedia determined that 92% of respondents find library content, or pre-existing series and films, very important or important when choosing a streaming service. Because of this gap period, AT&T will begin "two-way trading" until the WBD merger's completion. In the last quarter before the merger, AT&T reported 2.5% year-over-year revenue growth in its Warner segment, including 16% growth in the Direct-to-Consumer business. And given that Q1 performance and previously unplanned projects in sight, I currently estimate the WarnerMedia part of our profit baseline for 2022 will be around $500 million lower than what I had anticipated. These issued Spinco common stocks can be exchanged for 0.24 WBD common stocks post-close based on the stock dividend exchange ratio previously discussed. The mixed result is likely due to the intricacies of Discovery's different share classes, which carry different voting rights and liquidity. WBD was trading at $24.88 before markets closed for the holiday weekend. While streaming would bring long-term growth, it also means more investment into content creation. Offers may be subject to change without notice. Based on the latest update per disclosures in AT&T's 8K filing dated March 28th, the estimated value of the transaction is approximately $83.4 billion. With the WarnerMedia spinoff fast approaching, AT&T (NYSE:T) has uploaded a series of press releases last week detailing how the transaction will take place. net asset value under U.S. federal income tax purposes $33 billion + $10 billion additional amount) transferred into the Spinco in transaction step #1: totaling $33 billion, which represents the estimated fair value of AT&T's equity interest in total WarnerMedia assets and liabilities to be transferred to Spinco as discussed in transaction step #2. Discovery stock is a bargain buy Warner Bros. to the transaction, we have better refined our estimates. Based on a combination of discounted cash flow analyses and EBITDA multiple-based valuation analyses performed by the respective transaction advisors on each of Discovery (equity value range: $30.6 billion to $43.1 billion) and WarnerMedia (equity value range: $55.9 billion to $94.3 billion without synergies; $87.3 billion to $127.1 billion with synergies), WBD has potential to reach a valuation range of $86.5 billion to $137.4 billon without synergies, and $117.9 billion to $170.2 billion with synergies post-close. DISCA stock looks like a good buy at the current prices. Trading AT&T and Discovery After $43 Billion Media Merger AT&T and Discovery have come to terms on a $43 billion media deal. Warner Bros. While Discovery is adding 100% of its business into the new combined company, its shareholders will receive 29% of the new entity's shares, according to the merger presentation. The Motley Fool owns shares of and recommends Netflix. Is This the Best Streaming Stock for 2023? earnings call on Thursday, said this year would be pivotal for the companys studio business. The blended average of the combined WBD valuation range with and without synergies is about $102.2 billion to $153.8 billion. 2023 GOBankingRates. Unsurprisingly, some of the remaining shareholders -- those who held onto the shares after the initial post-merger drop off -- might have been upset by these adverse developments and joined the selling rally. And it will be available in 220 countries and 50 languages. As discussed in earlier sections, management expects the transaction to close in April. Please. To make the world smarter, happier, and richer. Leading up to WBDs second quarter earnings report, a number of equities analysts issued ratings statements and reduced price objectives for the company, including Cowen ($24, May 12), Bank of America ($23, July 14) and Moffett Nathanson ($18, July 22). Looking for a helping hand in the market? There will be three trading options available for AT&T shareholders beginning April 4th (or technically, post April 5th market close when an existing AT&T shareholder on record date is marked eligible for the right to shares of WBD common stock post-close): All transactions taken place during the two-way trading period under "T WD" and "WBDWV" "will settle after the closing date of the [WBD] transaction". Controlling interest of the studio was sold to Seven Arts Productions in 1966, but Jack Warner, still managing the studio, had a confrontational relationship with them and by 1969, Seven Arts sold Warner to Kinney National Company. WBD Transaction Structure (AT&T 8K filing, with annotations by Author. The company previously expected $3 billion in annual run-rate synergies from the merger, but during the last earnings call, CFO Wiedenfels stated the $3 billion target might be conservative. Additional disclosure: I have no formal training in investing. However, most of the analysts rate the stock as a hold or some equivalent. I'll be launching in the near future with a legacy discount for early subscribers and I'll be sharing more details as we ramp up to launch in the coming months. If you have an ad-blocker enabled you may be blocked from proceeding. These are high-margin services that AT&T needs to get right, and where it's up against stiff competition in the telecom space. Discovery has generally executed well through the 2018 Scripps Networks Interactive acquisition, and Discovery CEO David Zaslav will become CEO of the new combined company, which is likely a telling move. maggie's farm ant killer safe for pets, Wrote this article myself, and richer companys CFO the media and entertainment industry answer to when WBD... Stock dividend exchange ratio previously discussed '' > maggie 's farm ant killer for. 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