Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home DramaAlert

Discovery Shareholders Win $125M Settlement Of Lawsuit Over 2022 AT&T Merger

rmtsa by rmtsa
July 6, 2024
in DramaAlert
0
Discovery Shareholders Win 5M Settlement Of Lawsuit Over 2022 AT&T Merger
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

‘RHOP’ Stars Break Silence On Dr. Wendy Osefo’s Arrest

Cam’Ron Sues J. Cole • Hollywood Unlocked

Aid Workers Fear Trump Is Holding Contraceptives Until Expiration

Warner Bros. Discovery, which was formed in 2022 from the merger of AT&T’s WarnerMedia and Discovery Communications, has agreed to pay $125 million to settle a shareholder lawsuit over the deal.

A handful of pension funds filed suit in Delaware Chancery Court after the $43 billion merger closed, alleging that the transaction unfairly benefited top-tier investors at Discovery at the expense of everyday investors. On Friday, the court released a document detailing the settlement, which had been agreed to in May at the recommendation of a mediator.

Once Delaware Chancery Judge Travis Laster approves the agreement, holders of Discovery stock prior to the merger closing date in April 2022 will be eligible to receive funds from the settlement.

Defendants in the suit included a set of former Discovery backers, including the Advance/Newhouse Partnership and Robert Miron; his son, Steven Miron; and Susan Swain. All are former members of Discovery’s board of directors. Robert Miron served as board chairman. Swain is CEO of C-SPAN but has announced she will step down from that role later this year.

The Advance/Newhouse Partnership is privately held by the Newhouse family, which owns about 8% of WBD stock as a result of its prior ownership of Discovery shares.

The lawsuit alleged that the merger was “not entirely fair,” in the words of Friday’s filing, because it generated payouts of more than $1 billion to select insiders and left common shareholders in the cold. Of the total settlement amount, $100 million will be provided by the Advance/Newhouse Partnership, with Robert and Steven Miron each adding $12.5 million.

Under the structure of the merger, AT&T holds 71% of WBD and Discovery the remaining 29%, but the former management team of Discovery, led by CEO David Zaslav, has controlled the operations of WBD.

Last April, Warner Bros. Discovery revealed that Steven Miron and Steven Newhouse had resigned from its board. They left after the U.S. Department of Justice informed them it was investigating whether their board tenures violated Section 8 of the Clayton Antitrust Act. The section prohibits directors and officers from serving simultaneously on the boards of competitors, subject to limited exceptions. Miron is also a director of Charter Communications.

Miron is CEO of Advance/Newhouse Partnership, which is privately held by the Newhouse family. The family owns about 8% of WBD stock through its previous holding in Discovery. Miron is also a director of Charter, as is another Newhouse family member, Michael Newhouse.

The plaintiffs included the Bricklayers Pension Fund of Western Pennsylvania, City Pension Fund for Firefighters & Police Pension Officers in the City of Pembroke Pines, Key West Police and Firefighters’ Pension Fund, and Steve Silverman.

A WBD rep declined to comment on the settlement when contacted by Deadline.

.



Source link

Tags: 125MATTDiscoverylawsuitMergersettlementShareholdersWin
Share30Tweet19
rmtsa

rmtsa

Recommended For You

‘RHOP’ Stars Break Silence On Dr. Wendy Osefo’s Arrest

by rmtsa
October 29, 2025
0
‘RHOP’ Stars Break Silence On Dr. Wendy Osefo’s Arrest

Real Housewife of Potomac (RHOP) Stacey Rusch recently recalled the emotional moment that she physically held her friend, Dr. Wendy Osefo, amid her arrest on fraud charges. Her...

Read more

Cam’Ron Sues J. Cole • Hollywood Unlocked

by rmtsa
October 29, 2025
0
Cam’Ron Sues J. Cole • Hollywood Unlocked

Introduction: Why the Case of “Cam’Ron Takes Legal Action Against J. Cole Over Their Song ‘Ready ’24’ Claims He Wasn’t Properly Compensated” Matters In the rap game, agreements...

Read more

Aid Workers Fear Trump Is Holding Contraceptives Until Expiration

by rmtsa
October 29, 2025
0
Aid Workers Fear Trump Is Holding Contraceptives Until Expiration

by Jeroslyn JoVonn October 28, 2025 Concerns are mounting that the Trump administration may be storing $9.7 million in contraceptives in Belgium until they expire. Concerns are rising...

Read more

Why Frankie Muniz Hasn’t Spoken to Hilary Duff in Over 20 Years

by rmtsa
October 28, 2025
0
Why Frankie Muniz Hasn’t Spoken to Hilary Duff in Over 20 Years

The actor detailed why his friendship with his Agent Cody Banks co-star ended after they wrapped the 2003 film, and put the blame on Duff's "super intense" mother,...

Read more

‘The Julia Set’ Adds Six To Cast (EXCLUSIVE)

by rmtsa
October 28, 2025
0
‘The Julia Set’ Adds Six To Cast (EXCLUSIVE)

EXCLUSIVE: The Julia Set, the coming-of-age drama on which we were recently first to report, has added six to its cast: Nina Hoss (Tár), Chloe Bailey (Grown-ish), Carmen...

Read more
Next Post
Emma Roberts Reacts to ‘Quiet on Set’ Doc, Recalls Her Nickelodeon Experience

Emma Roberts Reacts to 'Quiet on Set' Doc, Recalls Her Nickelodeon Experience

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
DramaWired

Browse the Latest Entertainment News on DramaWired.com. Celebrity News, Movies, Music, Gossip, Comics, TV and More News.

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • Where Will The Morning Show Season 4 Go After Bradley Betrays Claire?
  • Divisive New Netflix Show Based on Real-Life Serial Killer Becomes Instant Streaming Success
  • ‘RHOP’ Stars Break Silence On Dr. Wendy Osefo’s Arrest

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In