Discovery extends CEO contract through 2027 after AT&T deal

FILE PHOTO: President and CEO of Discovery David Zaslav speaks during the Discovery portion of the Television Critics Association (TCA) Summer Press Tour in Beverly Hills, California, U.S., July 25, 2019. REUTERS/Danny Moloshok/File Photo

(Reuters) - Discovery Inc extended Chief Executive Officer David Zaslav's employment contract through Dec. 31, 2027, as he is expected to lead the proposed new company to be created by combining media assets with AT&T Inc.

Discovery and AT&T, owner of HBO and Warner Bros studios, said on Monday they will form a standalone global entertainment and media business. The enterprise value of the company will be more than $120 billion, carrying $58 billion in debt, including $43 billion from WarnerMedia and $15 billion from Discovery. (https://reut.rs/3eZjyT6)