Telecom giant AT&T has named its seven directors to the Warner Bros. board. Discovery, a key step in the spin-off from WarnerMedia to merge with Discovery.
The seven directors chosen by AT&T — with Discovery Inc. set to name six directors to the new company’s board — include former BET Networks president and CEO Debra L. Lee and former global CEO of PricewaterhouseCoopers International, Samuel A. Di Piazza. , Jr., who will serve as boardroom chairman of Warner Bros. Discovery.
AT&T also named Li Haslett Chen, founder and CEO of technology platform Narrativ, Richard Fisher, senior adviser to Barclays PLC, Fazal Merchant, senior adviser to Sixth Street Partners, and Paula Price, most recently executive vice president and chief financial officer of Macy’s. .
The telecommunications giant has also tapped Geoffrey Yang, founding partner and managing director of Redpoint Ventures, to join the board of directors of Warner Bros. Discovery. Di Piazza, Lee and Yang currently serve on AT&T’s board of directors and will step down from those positions when the WarnerMedia transaction with Discovery closes, which is expected in mid-2022.
“We are thrilled to have assembled a diverse roster of world-class directors for Warner Bros. Discovery Board. These respected leaders bring a wealth of experience in finance, technology, media and entertainment, international trade, venture capital, and digital and direct-to-consumer platforms, which is vitally important to the future of Warner Bros. Discovery. They are committed to business success while providing best-in-class corporate governance,” AT&T CEO John Stankey said in a statement Tuesday.
As part of the merger agreement, AT&T will spin off from WarnerMedia and its shareholders will receive approximately 0.24 shares in the new company for each AT&T share held. AT&T shareholders will eventually own 71% of the new Warner Bros. Discovery, with Discovery shareholders holding the remainder.
Discovery CEO David Zaslav will lead the merged giant, Discovery CFO Gunnar Wiedenfels will become CFO of the new company.