4 Firms Rep $43B AT&T, Discovery Reverse Morris Trust Deal

Law360 (May 17, 2021, 8:13 AM EDT) -- The entertainment, sports and news assets of AT&T's WarnerMedia will be combined with Discovery Inc. in a $43 billion blockbuster deal that is structured as a reverse Morris trust and was built by four law firms, the companies said Monday.

The all-stock deal sees AT&T Inc. receiving $43 billion, and the resulting media company will become a major competitor in the direct-to-consumer business, owning a well-known list of entities that includes HBO, Warner Bros., Discovery, DC Comics, Cartoon Network, TNT and Animal Planet, among others, according to a statement.

The reverse Morris trust structure allows a company — in this case,...

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