Discovery and AT&T have received approval from the US Justice Department for Discovery’s takeover of WarnerMedia.
The telco is planning to spin off its content division, allowing Discovery to merge with WarnerMedia, and creating a company that will span from CNN and Cartoon Network through to Eurosport and Discovery Channel itself.
The merger is likely to take place in April with the official line being that the deal will close in the second quarter.
The then Time Warner was only purchased by the telco in 2018 after two years of legal wrangling.
Under the terms of last May’s agreement with Discovery, AT&T would receive $43 billion and AT&T’s shareholders would receive stock representing 71% of the new company. Meanwhile, Discovery shareholders would own 29% of the new company.
Earlier this month, AT&T announced it intends to spin off its interest in the merged company to shareholders.
Other regulators, including the European Commission, have already given their approval.
