DIS - Warner Bros. Discovery: Merger's Value Not Yet Reflected In Price

• The merger puts Discovery in a very advantageous position for the next round of industry consolidation.
• Discovery’s stock price has barely reacted to merger news given the long approval process but this will change as the approval date approaches.
• Discovery looks like a much better merger partner for either ViacomCBS and NBCUniversal than they are for each other.

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