WarnerMedia CEO Departs One Week Before Discovery Merger
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- AT&T Inc (NYSE:T) WarnerMedia CEO Jason Kilar stepped down before Discovery, Inc (NASDAQ:DISCA) completed the acquisition of WarnerMedia, Variety reports. The transaction will be complete on April 11.
- The departure was likely as Discovery chief David Zaslav looked to run the combined company, Warner Bros. Discovery.
- Also Read: AT&T To Spin Off Interest In WarnerMedia To Its Shareholders, Discovery CFO Confirms Merger With WarnerMedia's HBO Max App
- Kilar became the CEO of WarnerMedia in April 2020, just as it looked to launch the streaming service HBO Max.
- Kilar's regime saw extensive executive shuffling and layoffs as it looked to reorient itself to fit a more streaming-centric future.
- Kilar's plan to release every film from Warner Bros.' 2021 theatrical slate simultaneously on HBO Max, free-of-charge to subscribers to beat the pandemic inflicted theatre closure, was a massive industry shocker.
- Price Action: DISCA shares traded lower by 4.84% at $24.55 on the last check Tuesday.