discovery stock after merger

discovery stock after merger

30.12.2020, , 0

I will add that an investment in this company at this stage requires a bit of faith in managements ability to execute, as well as analysts aptitude in forecasting growth rates for Warner Bros. To balance that debt, at the end of 2021, WBD had a bit over $4.1 billion in cash. 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. distribution of Spinco common stock to eligible AT&T shareholders as of record date), which occurs prior to completion of the WBD merger. Step 4 Issuance of Spinco Common Stock - Prior to AT&T's distribution of rights to shares of WBD common stock to existing AT&T shareholders as of record date, the Magallanes, Inc. Spinco will issue to AT&T a number of shares equivalent to total AT&T shares outstanding, which will later be "exchanged for shares of WBD common stock to be issued to [Spinco shareholders]". Cost basis and return based on previous market day close. These are high-margin services that AT&T needs to get right, and where it's up against stiff competition in the telecom space. Due diligence should be exercised and readers should engage in additional research and analysis before making their own investment decision. Discoverys stock was down 2.9 percent at $27.10 at that time. That Lawrence Nga has no position in any of the stocks mentioned. Discovery, they discovered that the previous management had been overly optimistic with their projection of Warner Bros. prospects. 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. At the end of 2021, the pro forma debt for WBD was over $56 billion. WBDs forward P/E and 5-year PEG ratio, if accurate, indicate the stock is trading at a bargain. AT&T Ex-Distribution Trading - AT&T shareholders can engage in "Ex-Distribution Trading" during the two-way trading period if they wish to only sell their right to AT&T RemainCo and retain their stock dividend pertaining to the WBD transaction. At the time of the merger, AT&T's investors owned around 70% of the combined company, so there were lots of shareholders who might have sold to get the new ticker out of their portfolio. Market Realist is a registered trademark. Stock Market Holidays 2023: Is the Stock Market Open Today? Only about a quarter of the analysts rated the stock as a buy. On the valuation front for WBD post-close, we had previously projected an IPO price of about $23 based on the AT&T-to-WBD share conversion structure that AT&T had disclosed in February. The streaming space is crowded, and Warner Bros. AT&T stockholders will end up owning 71 percent of the new Warner Bros. If you have taken a look at AT&T's latest 8K filling dated March 28th, you would notice that the filing registrant is "Magallanes, Inc.". Hogwarts Legacy launched on Feb. 10. You can click on the 'unsubscribe' link in the email at anytime. Could AT&T Stock Beat the Market in 2023? The estimated transaction value takes into consideration the closing price of $25.37 per share for Discovery Series A common stock as of March 9th, multiplied by We feel really good about where we are.. 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+.. WarnerMedias operating income declined 35% year-over-year. Stephen Fry to Host Jeopardy! for ITV in U.K. Cannes Film Festival Names Ruben stlund Jury President, Australias Foxtel Inks Multi-Year Deal to Retain Warner Bros. Another massive streaming giant round the corner? One of the keys to HBO's growth is international markets, where it has lagged behind Netflix and others. At this point, the majority of heavy lifting (related to restructuring charges etc.) They added that advertising trends in January appeared to have improved from December. That brings the companys net debt to around 4.5x EBITDA. If so, how? Were it not for the effects of foreign exchange, International would have recorded a 30% increase. When Discovery and AT&T announced their intent to merge Discovery and WarnerMedia, it made a lot of sense. Should we prevent her from inheriting it? The merger with Discovery has the above-stated benefits for AT&T, including significantly reduced debt. On a GAAP basis, analysts polled by FactSet expected Warner Bros. Upon completion of the merger, each Spinco common stock issued under transaction step #4 and distributed to existing AT&T shareholders as of record date under transaction step #5 will automatically convert into 0.24 shares of WBD common stock. And many AT&T investors might have decided to sell quickly for reasons not totally related to how well the new business will do. With a loss of 6% in 2022, Paramount Global (PARA) stands out as the winner, so to speak, among this bunch. Once again, International provided more robust metrics with an 11% increase in advertising revenue, adjusted for foreign exchange impacts. To make the world smarter, happier, and richer. Bolstered by strong international results, WBD increased total revenue by 13% to $3.16 billion. There is meaningful churn on HBO Max, much higher than the churn that we have seen. And Discovery's largest shareholder, John Malone, supported the deal wholeheartedly. As part of the agreement, AT&T will get We expect that Zaslav will use his experience to help Warner Bros. Discovery posted fourth-quarter 2022 earnings on Feb. 23, with revenue of $11.01 billion decreasing He recently completed a technical communication diploma and holds previous university degrees in journalism, sociology and criminology. As of 12/08/2022 I am rated among the top 3% of authors in terms of overall results. James Gunn Reveals New Superman, Batman Movies and More, Warner Bros. 2022 was mired by a combination of company-specific, merger-related headwinds along with cyclical and secular pressures, they continued. In the merger presentation, AT&T said it will pay out about 40% to 43% of free cash flow as its dividend, while giving a $20 billion-plus estimate for free cash flow 2023 GOBankingRates. WBD, Despite the recent subscriber losses reported by Netflix, there is reason to believe that streaming services will continue to grow. Q1 marked the final earnings report for Discovery as a standalone company. 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. In a research note to investors, Feldman said that the merged Warner Bros. Based on 14 ratings, nine analysts had WBD stock as a moderate buy, five rated it as a hold, and only one appraiser had the company as a sell. Poorer than expected performance of late from WarnerMedia was also highlighted. Learn More. What the Smartest Investors Know About Warner Bros. However, the media merger has thus far been a There was an unknown error. Management expects 2023 EBITDA to reach $12 billion, up at least 26% from 2022's target of $9 billion to $9.5 billion. we also think that one of the big opportunities here is going to be churn reduction. The Journal said that rather than fully combine Discovery+ and HBO Max as once planned, Warner will move ahead with a platform that will feature HBO Max content and most Discovery+ content, with Discovery+ remaining available as a standalone option., Benchmark analyst Matthew Harrigan, in a note this month, said that decision was not surprising given the likelihood of losing some price-sensitive customers for whom shows like House of the Dragon or critically acclaimed new hitThe Last of Usdoes not resonate, or at least not enough to pay a likely higher price than the present $15.99/$9.99 (with ads) for HBO Max.. Without the ability to invest billions in content to compete with the likes of Netflix, legacy cable companies were likely to get left behind, or at least become niche offerings without much growth. We will not launch any new markets for the time being. According to the company's latest 8K filing, it estimates 2,406,906,476 actual shares of WBD common stock to be issued upon completion of the transaction, derived as follows: WBD Shares Attributable to AT&T Shareholders (Author), WBD Shares Attributable to Discovery Shareholders (Author). Discovery ("WBD"). $33 billion fair value attributable to WarnerMedia assets + $10 billion additional amount) funded by a combination of debt securities and cash from Spinco provided to AT&T. Discovery, Wall Street is turning its attention to the outlook for the new conglomerates stock that began trading on Monday under the ticker symbol WBD.. I have no business relationship with any company whose stock is mentioned in this article. 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. In other words, if an AT&T shareholder decides to sell an AT&T share under Ex-Distribution Trading between April 4th and the WBD transaction completion date, they will only be retaining rights to the WBD shares distributed to them as a result of their AT&T share ownership as of the record date (April 5th market close). 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 with the stock up over 60% year to date, reversing losses from 2022 Discovery said it expected bigger charges related to content-impairment and development write-offs and pretax restructuring charges. With over 40 individual picks yielding +7%, you can supercharge your retirement portfolio right away. By Russ Burlingame I/we have a beneficial long position in the shares of DISCK either through stock ownership, options, or other derivatives. Management discussed a number of concerns to be addressed now that the merger is complete. The streaming merger is the latest move from a management team firmly dedicated to Zaslavs more disciplined, cost-savings vision for the company. SPX, to the transaction, we have better refined our estimates. AT&T Regular Way Trading - AT&T shareholders can engage in "Regular Way Trading" during the two-way trading period if they wish to sell "both the share of AT&T common stock and the right to receive shares of WBD common stock in the transaction". WBD currently trades for $18.88 a share. Cost basis and return based on previous market day close. Year-to-date, Warner Bros. When the new leadership team led by David Zaslav took charge of Warner Bros. As discussed in detail in our last coverage, AT&T will spinoff 100% of its current interest in WarnerMedia post-close. 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. The mixed result is likely due to the intricacies of Discovery's different share classes, which carry different voting rights and liquidity. However, Warner Bros. 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. AT&T stockholders will end up owning 71 percent of the new Warner Bros. Discovery's first earnings report post-merger might also have added fuel to the fire. Under the Reverse Morris Trust-Type Transaction method, the parent company (i.e. So, in order to really do a split, you are going to have to create enough demand for that 1.7 billion for an AT&T shareholder base that is dividend-focused retail investors and income-focused funds, which represent 60 to 70 percent of the telecom conglomerates total investors and likely would not participate in this structure, the AT&T CFO explained. 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. Here is a stat that might surprise many readers: every stock listed above has underperformed the S&P 500 over the last three years by a wide margin. Invest better with The Motley Fool. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. An SEC filing last March, just prior to the merger, revealed that Discovery forecasts revenue from its U.S. linear TV business will decline by 4% per annum through 2025, while expenses are expected to accelerate. There is no doubt that WBD will possess a formidable content portfolio. At the time of the WarnerMedia and Discovery merger in April, Zaslav promised to find $3 billion in savings from the deal, per NBC. Discovery (WBD -2.01%). I am a retired law enforcement officer. NEW YORK and DALLAS, April 8, 2022 Today Discovery, Inc. and AT&T Inc. * ( NYSE:T) announced that they have closed their transaction to combine the NFLX has a projected net debt-to-adjusted EBITDA ratio of 1.3 for 2022. The company finished the quarter with 96.1 million subscribers. Desroches mentioned that Discovery currently has 700 million shares outstanding, while 1.7 billion new shares will come to market as part of the transaction. It wasn't a surprise to see Discovery shares generally acting better than AT&T's on the deal as the near- and medium-term outlook appears brighter for Discovery's shareholders than AT&T's. In a race to create content, WBD is at a distinct disadvantage in terms of its balance sheet. We will not sort of chase aggressively behind subscriber growth. However, most of the analysts rate the stock as a hold or some equivalent. Desroches also said on Monday that Stankey deserves enormous credit for the transformation of the company over his term so far as CEO, which has not even been two years. We will be a simpler, more focused company with the intent to become Americas best broadband provider.. on companies with competitive advantages and strong balance sheets. By comparison, the S&P 500 index WBDWV Trading - AT&T shareholders who wish to dispose of their right to shares of WBD common stock post-close between April 4th and the WBD transaction completion date can engage in "WBDWV Trading". The transformation weve undergone over the past 18 months while delivering outstanding operational results has brought us to this point. I have no business relationship with any company whose stock is mentioned in this article. Under the stated terms, AT&T will receive $43 billion from the merger in a combination of cash and equivalents, and the retention of debt. 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. Now, after the merger is complete, we should look at the financials of the merged entity. 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. we will continue to be very thoughtful about our spend. After a financial scandal tarnished the Kinney brand, they became Warner Communications in 1972. Management also emphasized that the company will take a circumspect approach to content spend. Under the terms of the deal, WarnerMedia retained $43 billion in debt. So why did a spinoff of WarnerMedia make sense as a key step in the combination? Now that the close of the WarnerMedia deal is approaching, we are near the starting line of a new era for AT&T, said Stankey on Friday. 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". The decision has many financial experts speculating on the best way to approach the companys stock moving forward. Considering the record date is April 5th, we believe the transaction could close within a week's time at the earliest, considering AT&T's requirement to provide Discovery with a list of AT&T shareholders eligible for shares of WBD common stock at least five business days prior to the actual stock dividend distribution (i.e. to create Warner Bros. The streaming media and telecom worlds were shaken Monday, when AT&T (T -0.63%) announced it would be spinning off its WarnerMedia division and combining it with Discovery (DISCA) (DISCK). Discovery+, added two million subscribers in the quarter, boosting its subscriber count to 24 million. Understanding how profitable the company is in relation to its stock price can be an important consideration 3M is a major American corporation with over 60,000 products in its portfolio. We will not overspend to drive subscriber growth. 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. Boutique investment research shop providing professional coverage on disruptive thematic equities. The companies are forecasting a free cash flow conversion ratio of 60 percent, which looks very healthy. For a time, it seemed like Warner was a big dog, buying up companies like DC Comics, Six Flags, and Lorimar. However, based on the stock's performance so far, it seems other shareholders have had different opinions about the value of the deal, including those who got shares without taking any action. Discovery. The strongest case for WBD is the massive supply of content associated with WarnerMedia. Discovery currently has 700 million shares outstanding, while 1.7 billion new shares will come to market as part of the transaction. A merger rarely goes without hiccups, so while the dip in Warner Bros. That compares to $140 million in net income and EPS of $0.21 in the comparable quarter. At least give management a few quarters to execute their strategies. Discovery Makes a Dramatic Strategic Shift, Up 57% and Climbing, This Stock Is Still a Bargain Buy in 2023. 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. Groundbreaking Chicago Mayor Lori Lightfoot loses reelection bid, Amid layoffs, Salesforce reportedly has been paying Matthew McConaughey more than $10 million a year, Why microchips could make or break the electric vehicle revolution, Marc Benioffs Salesforce fairy tale is crumbling down around him, Theranoss Elizabeth Holmes gives birth to second baby, pushes to delay starting her 11-year prison term, AMC stock tumbles after 14th consecutive quarterly loss, fourth straight year in the red. I own a house with my husband and mother. Please try again later. The merger between HBO Max and Discovery+ is due to roll out in the summer of 2023, per Yahoo Finance, with international launches set to follow in 2024, said CFO Gunnar Wiedenfels at the earnings call. Discovery to report a loss of 35 cents a share, on revenue of $11.2 billion. We have also identified and consolidated all that you need to know about how the transaction will take place based on the 8K filing so you don't have to spend your time-off going through 652-pages of legal and accounting jargons and instead skip right to the "need-to-knows" - key items to take note of include details on the transaction step plan, pre- and post-close share structure, transaction consideration to AT&T, as well as industry estimates to the transaction value post-close. pertaining to the WarnerMedia spinoff, the telecom giant also submitted a, to the SEC, covering every "nitty-gritty" detail from pro-forma historical WarnerMedia statement of operations that were not previously available, all the way down to key terms of the merger agreement with. ) Trading at a bargain buy in 2023 weve undergone over the past 18 months delivering! The intricacies of Discovery 's largest shareholder, John Malone, supported the deal wholeheartedly market Open?. 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