WarnerMedia, Discovery Complete Merger, Become Warner Bros Discovery

The AT&T logo is pictures on a building in Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake//File Photo
The AT&T logo is pictures on a building in Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake//File Photo
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WarnerMedia, Discovery Complete Merger, Become Warner Bros Discovery

The AT&T logo is pictures on a building in Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake//File Photo
The AT&T logo is pictures on a building in Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake//File Photo

AT&T Inc's WarnerMedia unit and Discovery Inc have completed their merger, the companies said on Friday.

The combined company, Warner Bros Discovery Inc, will start trading on the Nasdaq on Monday under the ticker symbol "WBD".

In May last year, the companies set out to merge and become a standalone media business, with AT&T aiming to focus more on its wireless ambitions and Discovery looking to beef up its content library.

"With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum," AT&T Chief Executive Officer John Stankey said in a statement.

Warner Bros Discovery's portfolio includes Discovery Channel, Warner Bros. Entertainment, CNN, HBO, Cartoon Network; streaming services Discovery+ and HBO Max; and franchises like "Batman" and "Harry Potter".

A top priority for David Zaslav, the long-time Discovery veteran leading the combined entity, is to make streaming video as profitable as the old TV business, analysts said.

Discovery On Thursday announced the executive team to lead the new Warner Bros Discovery (WBD), leaning heavily on a trusted group of lieutenants, many of whom have worked with its chief executive since his days at NBC.

Nine high-level WarnerMedia executives, including Chief Executive Jason Kilar and Studios and Network chief Ann Sarnoff, announced their exits ahead of the formation of the combined company earlier this week.



BBC Sacks a Second 'MasterChef' Host over Claim He Used Racist Language

This photo shows a BBC sign outside the entrance to the headquarters of the publicly funded media organization in London, July 19, 2017. (AP)
This photo shows a BBC sign outside the entrance to the headquarters of the publicly funded media organization in London, July 19, 2017. (AP)
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BBC Sacks a Second 'MasterChef' Host over Claim He Used Racist Language

This photo shows a BBC sign outside the entrance to the headquarters of the publicly funded media organization in London, July 19, 2017. (AP)
This photo shows a BBC sign outside the entrance to the headquarters of the publicly funded media organization in London, July 19, 2017. (AP)

The BBC said Tuesday that longtime “MasterChef” host John Torode has been sacked for allegedly using racist language on set, a day after the broadcaster confirmed it was severing ties with another of the cooking show's presenters, Gregg Wallace, over separate allegations.

The BBC said the allegation against Torode involved “an extremely offensive racist term being used in the workplace,” and that the claim was upheld by an independent investigation led by a law firm.

“We will not tolerate racist language of any kind,” the corporation said. “John Torode’s contract on MasterChef will not be renewed.”

Torode, 59, said he had “no recollection of the incident” and was “shocked and saddened” by the allegation.

The Australia-born presenter started hosting “MasterChef" in 2005 along with Wallace, 60, who was sacked after a report found that dozens of allegations made against him by multiple women were substantiated. It said the majority of the claims related to “inappropriate sexual language and humor."

The claims have cast a shadow over the BBC and “MasterChef," one of the broadcaster's most popular and long-running competition shows. The program has spawned numerous spinoffs and adaptations in other countries.

The latest controversy has again raised questions about the BBC’s handling of misconduct cases.

Director-general Tim Davie said the broadcaster's leadership would not tolerate behavior that is “not in line with our values” following the report on Wallace. He also said he believed “MasterChef” can survive and prosper despite the controversies.

“I think a great program that’s loved by audiences is much bigger than individuals,” he said Tuesday.