NEW YORK, Oct. 04, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Discovery, Inc. (“Discovery”) and Warner Bros. Discovery , Inc. (“Warner Bros .”) WBD and certain officers of the Company (collectively, the “Defendants”) on behalf of investors who exchanged (1) Discovery common stock for Warner Bros. common stock pursuant to Discovery’s registration statement on Form S-4 and joint proxy statement dated February 4, 2022 exchange/prospectus filed with the Securities and Exchange Commission on February 10, 2022, or (2) purchased shares of Warner Bros. common stock on the open market, which are traced to the prospectus to the date the complaint was filed can (the “class”) . Such investors are encouraged to join this case by visiting the company’s website: www.bgandg.com/wbd.

This class action seeks damages against the defendants for alleged violations of federal securities laws.

This lawsuit relates to the merger (the “Merger”) between Discovery and the WarnerMedia division of AT&T, Inc. Pursuant to the Merger, Discovery combined its business with WarnerMedia to form Warner Bros.

The lawsuit alleges that the defendants made material false and misleading statements in the registration statement and prospectus and omitted material facts related to the operation of WarnerMedia’s business. However, such adverse information was not disclosed to Discovery shareholders in the registration statement or prospectus, nor at any time prior to the merger vote or the merger effective date. Specifically, the defendants failed to disclose that (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 too much in WarnerMedia invested in entertainment content for streaming without enough concern about the return on investment, (3) WarnerMedia had a business model to increase the number of…