Filed by: AT&T Inc.
Commission File No.: 001-08610
Pursuant to Rule 425 under the Securities Act of
Subject Company: Discovery, Inc. (Commission File
The following communication was made to the public at the UBS
Global TMT Conference (Virtual) by the Chief Executive Officer of
AT&T, Inc., John Stankey, on December 6, 2021:
John Christopher Hodulik – UBS Investment Bank, Research Division –
MD, Sector Head of the United States Communications Group and
Telco & Pay TV Analyst:
… Can you give us an update on the — either the — both the
regulatory process and maybe how you think about the sort of deal
structure as it relates to the WarnerMedia transaction? There were
some news, I think, this morning about some congressmen pushing for
DOJ review of the public transaction. Is there anything you can
tell us about the process or how it’s unfolded thus far?
John Stankey – AT&T Inc. –CEO, President &
Now having been through a number of these at different times in my
career, getting letters from members of Congress is not unusual. I
think it happens with virtually every transaction, I think, we’ve
ever filed, and we’re a big company. We work in big industries. We
have large consumer bases.
And I think when you have a lot of members of Congress, there’s
always going to be those that have a different lens they want to
put on something. And certainly, that maybe happened last week,
where a particular segment of the congressional population decided
to write a letter back. Not to say that we won’t get the dialogue
and have a constructive conversation for people to understand that
I think what’s been articulated in those letters is really
And I believe the context of our discussion with regulators up to
this point have centered around those issues, and we feel very good
about the data we’ve put on the table that it’s clearly indicated
that there’s nothing unusual about this transaction. And we’ll do
the same with other constituents as a result of that.
But I would also tell you that those letters that I’m looking at
relative to maybe some that have occurred in past transactions are
not very strong in the foundation of their concerns, nor do I have
concerns about what they’re articulating in terms of our ability to
navigate through that..