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Arnold & Porter Wins Merger Control Matter of the Year for Advising AT&T on Discovery’s Purchase of WarnerMedia

April 12, 2022

Arnold & Porter’s work advising AT&T on Discovery’s $85 billion purchase of WarnerMedia from AT&T was recognized as “Merger Control Matter of the Year - Americas” at the 12th annual GCR Awards.

AT&T and Discovery agreed to combine WarnerMedia’s premium entertainment, sports, and news assets with Discovery’s nonfiction and international entertainment and sports businesses to create a premier, standalone global entertainment company. The new company created from the merger has projected 2023 revenue of approximately $52 billion. Arnold & Porter advised AT&T on this merger as US and international antitrust and regulatory counsel.

The sale of WarnerMedia comes four years after Arnold & Porter represented AT&T in its successful $85.4 billion stock-and-cash acquisition of Time Warner Inc. AT&T was part of the team that successfully defended the first vertical merger trial and appeal in decades.

The Arnold & Porter team was led by partner Debbie Feinstein, head of the firm’s Global Antitrust practice, and Maureen Jeffreys, chair of the firm's Telecommunications, Internet & Media practice. The team also included partner John Schmidt, who leads the firm’s UK Competition team, partner Peter Schildkraut, co-leader of the firm's Technology, Media & Telecommunications industry group, and partner Tracy Belton.