Discovery Inc-WarnerMedia merger - Deadline: Discovery And AT&T Determine Board Of Directors For Merging Media Company

Story from Deadline: 

Discovery and AT&T have determined the 13 members of the board of directors for Warner Bros Discovery, the new company that will be created via a pending $43 billion merger. 

The board includes many existing directors for Discovery and AT&T, parent of Warner Media and soon to be a partner in the new entity. Samuel Di Piazza, who currently sits on AT&T’s board, will be chairman of Warner Bros. Discovery.

Discovery CEO David Zaslav, who will lead the new company, will be a Discovery designee to the WBD Board. As agreed in the initial merger proposal last May, Discovery gets six designated board members and AT&T gets seven. John Malone, a billionaire and widely respected media veteran, is one of the key Discovery choices and had long advocated for the merger with WarnerMedia.

Current AT&T board members being named to the WBD Board will step down from their AT&T board positions upon the closing of the combination.

“I look forward to working alongside and benefiting from the collective experience of this group of distinguished leaders,” Zaslav said. “This board brings diverse personal perspectives, strong track records and invaluable industry knowledge. Its stewardship will help establish the company as the premier creator of impactful storytelling across genres and platforms.”

The merger was approved last week by Discovery shareholders, clearing the final hurdle before it can be completed. Only administrative and procedural steps remain, and expectations are for the ink to dry by early April.

Here, in alphabetical order, are the rest of the board members, whose terms will begin as soon as the deal closes:

• Robert R. Bennett – a Discovery director since 2008 and managing director of Hilltop Investments, a private investment company. 
• Li Haslett Chen – founder and CEO of Narrativ, a commerce and payments platform. 
• Richard W. Fisher – former CEO of the Federal Reserve Bank of Dallas from 2005 until 2015. 
• Paul A. Gould – A Discovery, Inc. director since 2008 and managing director and EVP at investment bank Allen & Co.
• Debra L. Lee – a current AT&T director, chair of Leading Women Defined Foundation, an LA-based nonprofit education and advocacy organization; and BET Networks chair and CEO from 2006 until 2018. 
• Dr. John C. Malone – a Discovery, Inc. director since 2008 and chairman of the boards of Liberty Media Corporation, Liberty Broadband Corporation and Liberty Global. 
• Fazal Merchant – senior advisor to Sixth Street Partners and former Co-CEO of Tanium Inc., a subscription-based global cyber-security and IT management company. 
• Steven A. Miron – a Discovery, Inc. director since 2008, and CEO of the privately held media company Advance/Newhouse, and a senior executive officer at Advance, a private, family-held business that owns and invests in media and technology companies. 
• Steven O. Newhouse - Co-President of Advance, a private, family-held business that owns and invests in companies across media, entertainment, technology, communications, education, mass participation sports and other sectors. 
• Paula A. Price – former CFO of Macy’s. 
• Geoffrey Y. Yang – a current AT&T director and founding partner and managing director of Redpoint Ventures, a global private equity and venture capital firm based in Woodside, CA. 

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