Because of the coronavirus, both had forgone their trips to the AT&T Pebble Beach Pro-Am, where Zaslav had wanted to speak with Stankey, although Zaslav had watched parts of the golf tournament from home. Talks between the companies were initiated by an email Zaslav sent Saturday, Feb. to Discovery’s Animal Planet, Food Network and OWN, the Oprah Winfrey Network.īoth companies offer streaming services (HBO Max and Discovery+), with HBO, combined with traditional cable, boasting roughly 44 million domestic subscribers to Discovery’s 15 million global count.
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AT&T and Discovery said they expected to complete the deal by mid-2022 it would create one of the largest media companies in America, second only to Disney, and would join AT&T’s most prominent media assets - HBO, the Turner networks including CNN and movie studio Warner Bros. David Zaslav - who’d been Discovery’s CEO since moving there from the legal department of NBC’s cable division in January 2007 - was announced as the leader of the new organization after the merger. The deal called for AT&T to receive a combination of cash and bonds worth $43 billion and its shareholders to own 71 percent of the new company (the other 29 percent to be retained by Discovery’s shareholders). John Stankey called selected senior executives on Sunday to tell them this thing was for real, and they in turn contacted their teams to tell them to hold on. So when on Sunday, May 16, 2021, news leaked that AT&T would spin off WarnerMedia to merge it with Discovery, HBO and WarnerMedia executives weren’t surprised, as in, “Yeah, so the cash crunch wasn’t fake after all.” The big jump in its programming hours had occurred post-Game of Thrones, from about 100 hours of scripted programming to 150 hours, and post-pandemic it was looking like 185 hours, the most in HBO history.
HBO, which lived under the HBO Max rubric, wasn’t affected as much. HBO and Max Boss on That Four-Drama Feat and Strike-Era Emmy Noms: "We Don't Get These From Executives"
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