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Discovery receives European Commission backing for WarnerMedia merger

CEO and president of Discovery, David Zaslav (by Kevin Dietsch/Getty Images).

Media group Discovery has announced that the European Commission has granted unconditional antitrust clearance to the company’s proposed acquisition of telecoms giant AT&T’s WarnerMedia business.

AT&T is seeking to spin off its media arm, WarnerMedia, and merge it with Discovery in a major agreement that was first announced in May. The deal is structured as a Reverse Morris Trust transaction, a merger with another company that is formulated to be tax-free.

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