NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds investors who: (a) exchanged Discovery, Inc. (“Discovery”) common stock (NASDAQ: DISCA, DISCB, DISCK) for Warner Bros. Discovery, Inc. (“Warner Bros.”) common stock (NASDAQ: WBD) pursuant to Discovery’s February 4, 2022 Registration Statement on Form S-4 and Joint Proxy Statement/Prospectus filed with the Securities and Exchange Commission (“SEC”) on February 10, 2022; and/or (b) acquired Warner Bros. common stock pursuant or traceable to the Registration Statement and Prospectus, including shareholders of AT&T Inc. (“AT&T”) and/or Magallanes, Inc, a Delaware corporation (“Spinco”) who acquired Warner Bros. common stock as a result of the merger (the “Merger”) between Discovery and Spinco; and/or (c) purchased shares of Warner Bros. common stock on the open market traceable to the Prospectus through the date of the filing of the complaint on September 23, 2022 of the important November 22, 2022 lead plaintiff deadline.

SO WHAT: If you exchanged Discovery common stock for Warner Bros. common stock pursuant to Discovery’s February 4, 2022 Registration Statement on Form S-4 and Joint Proxy Statement/Prospectus filed with the SEC on February 10, 2022 and/or acquired Warner Bros. common stock pursuant or traceable to the Registration Statement and Prospectus, including shareholders of AT&T and/or Magallanes, Inc, a Delaware corporation (“Spinco”) and/or purchased shares of Warner Bros. common stock on the open market traceable to the Prospectus through September 23, 2022, you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Warner Bros. Discovery class action, go to https://rosenlegal.com/submit-form/?case_id=8888 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 22, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, at the time of filing the Registration Statement and Prospectus, defendants either knew or had access to adverse information concerning operations of the WarnerMedia business of AT&T. Among other things, as subsequently disclosed by defendants after the merger: (1) WarnerMedia’s HBO Max streaming business had a high churn rate that made the business not “viable” unless the churn rate was reversed; (2) AT&T was overinvesting in WarnerMedia entertainment content for streaming, without sufficient concern for return on investments; (3) WarnerMedia had a business model to grow the number of subscribers to its streaming service without regard to cost or profitability; (4) WarnerMedia was improvidently concentrating its investments in streaming and ignoring its other business lines; and (5) WarnerMedia had overstated the number of subscribers to HBO Max by as many as 10 million subscribers, by including as subscribers AT&T customers who had received bundled access to HBO Max, but had not signed onto the service. The adverse information was not disclosed to Discovery shareholders in the Registration Statement or Prospectus or otherwise prior to the effective date of the merger. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Warner Bros. Discovery class action, go to https://rosenlegal.com/submit-form/?case_id=8888 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Attorney Advertising. Prior results do not guarantee a similar outcome.

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Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com

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