A new streaming service is here! WarnerMedia and Discovery have officially merged, creating a streaming media giant called Warner Bros. Discovery.
The merger deal combines two powerhouse companies to create content that furthers changes in the streaming era. The deal was first announced back in May 2021 and will be led by CEO David Zaslav.
“I am confident that our collective energy and genuine love for these businesses and brands will build the world’s most dynamic media and entertainment company,” Zaslav says in a memo.
According to the CEO, Warner Bros. Discovery “can propel the creation of high-quality content; create more opportunity for under-represented storytellers and independent creators; and serve customers with more innovative video experiences and points of engagement.”
Zaslav believes that the new streaming service will successfully compete with other big companies like Disney and Netflix. He says Warner Bros. Discovery is “well-positioned to become a top-tier streaming competitor” and says HBO Max and discovery+ will be brought “into a single product in the future.”
In addition, the move will also allow AT&T, which previously owned Warner Media, to pay off its debt.
Warner Bros. Discovery is anticipating $3 billion in “synergies,” which means the combination will result in layoffs. However, many of Warner’s top executives have already resigned from their positions including WarnerMedia CEO Jason Kilar.
