AT&T Mergers and Acquisitions Presentation Deck

● AT&T to merge WarnerMedia with Discovery 4 WarnerMedia and Discovery to combine operations to create a global entertainment leader David Zaslav to be CEO of new company Transaction Rationale - Unlocks significant value for AT&T shareholders Positions Discovery shareholders with enhanced long-term growth Accelerates HBO Max and discovery+'s global plans for direct-to-consumer Creates one of the deepest content libraries in the world - Discovery + WARNERMEDIA - Unites complementary content and brands across the most popular programming categories Expects to generate $3B+/year in synergies that can be reinvested into content and DTC AT&T Discovery

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