WarnerMedia CEO Departs One Week Before Discovery Merger - AT&T (NYSE:T)

AT&T Inc T WarnerMedia CEO Jason Kilar stepped down before Discovery, Inc DISCA completed the acquisition of WarnerMedia, Variety reports. The transaction will be complete on April 11.
The departure was likely as Discovery chief David Zaslav looked to run the combined company, Warner Bros. Discovery.
Also Read: AT&T To Spin Off Interest In WarnerMedia To Its Shareholders, Discovery CFO Confirms Merger With WarnerMedia's HBO Max App
Kilar became the CEO of WarnerMedia in April 2020, just as it looked to launch the streaming service HBO Max.
Kilar's regime saw extensive executive shuffling and layoffs as it looked to reorient itself to fit a more streaming-centric future.
Kilar's plan to release every film from Warner Bros.' 2021 theatrical slate simultaneously on HBO Max, free-of-charge to subscribers to beat the pandemic inflicted theatre closure, was a massive industry shocker.
Price Action: DISCA shares traded lower by 4.84% at $24.55 on the last check Tuesday.