Discovery Holders Get $125 Million in Warner Bros Merger Accord
- Settlement involves payment by Advance/Newhouse partnerships
- Merger created one of world’s largest entertainment companies
Discovery Inc. investors who challenged the entertainment firm’s $43 billion merger with AT&T Inc.’s WarnerMedia unit reached a $125 million settlement over their claims that the deal shortchanged them and provided improper benefits for company insiders.
The accord calls for a company owned by the billionaire Newhouse family that was a major shareholder in the Discovery Channel’s operator to pay $100 million of the settlement while ex-Discovery Chairman Robert Miron and his son, Steven, must cover the remaining $25 million, according to court filings.