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Warner Bros. Discovery to demerge into two companies.

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Service Providers

JP Morgan

financial advisors

JP Morgan

Evercore

financial advisors

Evercore

Joele Frank

pr advisors

Joele Frank

or

Principals

INSTITUTIONAL INVESTORS

bidder

INSTITUTIONAL INVESTORS

WBD GLOBAL NETWORKS

target

WBD GLOBAL NETWORKS

WBD STREAMING & STUDIOS

target

WBD STREAMING & STUDIOS

WARNER BROS. DISCOVERY

vendor

WARNER BROS. DISCOVERY

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