Filed by: AT&T Inc.
Commission File No.: 001-08610
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Discovery, Inc. (Commission File No.: 001-34177)
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 its
unfolded thus far?
John Stankey AT&T Inc. CEO, President & Director:
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, weve ever filed, and were 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, theres 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 wont get the dialogue and have a constructive conversation for people to understand that I think whats been articulated in those letters is really unfounded.
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
weve put on the table that its clearly indicated that theres nothing unusual about this transaction. And well do the same with other constituents as a result of that.
But I would also tell you that those letters that Im 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 theyre articulating in terms of our ability to navigate through that..
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