WarnerMedia-Discovery merger approved after Democrats raised 'significant antitrust concerns'
![WarnerMedia](https://cdn.mos.cms.futurecdn.net/oFG773ugNP2LhrBu9edE4B-415-80.jpg)
The WarnerMedia merger with Discovery has officially been given the green light.
AT&T has received approval for a plan to spin off WarnerMedia and merge it with Discovery, as disclosed in new filings with the Securities and Exchange Commission, Variety reports. WarnerMedia is the parent company of HBO, CNN, and more, while Discovery owns brands like HGTV and the Food Network.
The WarnerMedia merger with Discovery was announced by AT&T in May 2021, and it "will create one of the biggest media companies in the country," The New York Times writes. Last year, a group of Democratic lawmakers, including Rep. Alexandria Ocasio-Cortez of New York and Sen. Elizabeth Warren of Massachusetts, wrote in a letter to Attorney General Merrick Garland that the deal "raises significant antitrust concerns," Axios reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
![https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516-320-80.jpg)
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"The merger threatens to enhance the market power of the combined firm and substantially lessen competition in the media and entertainment industry, harming both consumers and American workers," the Democrats argued.
The lawmakers also said "recent consolidation in the media and entertainment marketplace has led to higher prices for consumers, and all too often the merging parties have failed to deliver benefits and broken promises made to the public, to Congress, and to antitrust enforcers." AT&T CEO John Stankey dismissed the lawmakers' letter, saying the "foundation of their concerns" was "not very strong" and "there's nothing unusual about this transaction," per Variety.
According to Axios, the merger now only needs to be approved by Discovery shareholders, and it's expected to close in the second quarter of 2022.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Big Tech's answer for AI-driven job loss: universal basic income
In The Spotlight A new study reveals the strengths and limitations
By Joel Mathis, The Week US Published
-
'I will not be silent' on Gaza, says Kamala Harris
Speed Read In a meeting with Israeli Prime Minister Benjamin Netanyahu, Harris supported Israel's right to defend itself while expressing a desire to end Palestinian suffering
By Arion McNicoll, The Week UK Published
-
'How long can TikTok dominate as a social network?'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published