discovery stock after merger

Discovery (NASDAQ:WBD) has slipped over 20%, Comcast (CMCSA) is down about 18%, shares of Disney (DIS) and Amazon (AMZN) have both fallen around 25%, and Netflix (NFLX) takes the proverbial cake, with a stock price that plummeted over 65%. In our last coverage on the upcoming WBD transaction and its implications for AT&T post-close, we had provided a detailed estimate on WBD's upside potential attributable to AT&T shareholders post-close. The company finished the quarter with 96.1 million subscribers. WBD was We feel really good about where we are.. I am a also value / buy and hold investor. Discovery, Wall Street is turning its attention to the outlook for the new conglomerates stock that began trading on Monday under the ticker symbol WBD.. distribution of Spinco common stock to eligible AT&T shareholders as of record date), which occurs prior to completion of the WBD merger. Apr 11, 2022 1:58 PM EDT. Visit a quote page and your recently viewed tickers will be displayed here. More importantly, we believe 4Q is an opportunity for management to turn the page to 2023 and reset the narrative, BofA analysts said in a note last month. As part of the agreement, AT&T will get To make the world smarter, happier, and richer. In February, the merger received approval from the U.S. Department of Justice, the key regulatory hurdle for the merger. Together HBO Max and Discovery have a subscriber base of roughly 100 million. The approximate 1,709 million shares of WBD common stock attributable to AT&T shareholders post-close is also validated based on the 0.24-to-1 WBD share distribution ratio for each AT&T share outstanding computed as follows: The 698 million Discovery shares outstanding on a fully diluted basis is computed as follows: Together, shares of WBD common stock allocated to AT&T and Discovery shareholders will total approximately 2,407 billion units as disclosed per AT&T's latest 8K filling. Discovery have tumbled 45.2% over the past 12 months. Billy Duberstein owns shares of AT&T, Discovery (C shares), and Netflix. We currently are holding a limited-time sale with 10% off your first year! However, the media merger has thus far been a The reality of stock investment is that there's no better tool for building your wealth over time. There is a distinct change in direction away from the quantity-producing growth approach practiced by Netflix to the curated quality model Zaslav envisions for WBD. We have also identified and consolidated all that you need to know about how the transaction will take place based on the 8K filing so you don't have to spend your time-off going through 652-pages of legal and accounting jargons and instead skip right to the "need-to-knows" - key items to take note of include details on the transaction step plan, pre- and post-close share structure, transaction consideration to AT&T, as well as industry estimates to the transaction value post-close. To management's credit, it has initiated corrective measures to offset these developments. Offers may be subject to change without notice. The Motley Fool has a disclosure policy. We will not launch any new markets for the time being. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Erik Khalitov/iStock Unreleased via Getty Images. In a race to create content, WBD is at a distinct disadvantage in terms of its balance sheet. Subscribe for full access to The Hollywood Reporter. Hogwarts Legacy launched on Feb. 10. Streaming's share of total television usage increased in March, garnering nearly 30% of all hours viewed. If content is king, an argument can be made that WBD takes the crown. For a time, it seemed like Warner was a big dog, buying up companies like DC Comics, Six Flags, and Lorimar. AT&T has applied an exchange ratio of 2.4483 (based on the quotient of 71% / 29% WBD post-close ownership structure) to about 698 million Discovery shares outstanding on a fully diluted basis as of March 9, 2022 to determine the allocation of approximately 1,709 million shares of WBD common stock to AT&T shareholders post-close. Under the terms of the deal, WarnerMedia retained $43 billion in debt. Erik Khalitov/iStock Unreleased via Getty Images. Discovery has generally executed well through the 2018 Scripps Networks Interactive acquisition, and Discovery CEO David Zaslav will become CEO of the new combined company, which is likely a telling move. Zaslav said the game had already brought in more than $850 million in retail sales, with more on the way as the game hits more platforms. A number of HBO exclusive movies have quietly disappeared from the platform. These are high-margin services that AT&T needs to get right, and where it's up against stiff competition in the telecom space. Under WBDWV Trading, AT&T shareholders will be able to sell their right to WBD shares distributed to them as a result of their AT&T share ownership as of the record date through the temporary Nasdaq ticker "WBDWV" beginning April 4th. I am not receiving compensation for it (other than from Seeking Alpha). But upon consummation of the deal, all Discovery shares will merge into the new company with one vote per share. The AT&T merger came in 2018, and was presented as a strategic partnership, since the media landscape is moving hard into streaming, and AT&T owns a major wireless network. The transformation weve undergone over the past 18 months while delivering outstanding operational results has brought us to this point. But it said that the ongoing reorganization, expected to be largely complete by the end of next year, could result in additional impairments above the revised estimates.. Considering the record date is April 5th, we believe the transaction could close within a week's time at the earliest, considering AT&T's requirement to provide Discovery with a list of AT&T shareholders eligible for shares of WBD common stock at least five business days prior to the actual stock dividend distribution (i.e. Although I endeavor to provide accurate data, there is a possibility that I inadvertently relay inaccurate or outdated information. NEW YORK and DALLAS, April 8, 2022 Today Discovery, Inc. and AT&T Inc. * ( NYSE:T) announced that they have closed their transaction to combine the We expect that Zaslav will use his experience to help Warner Bros. In an effort to shore up the bottom line, the company has cut jobs and content including CNN+ and a Batgirl film set for HBO Max. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Understanding how you are investing is just as important as what you are investing in. Telecom giant AT&T chose to spin off, rather than split off, WarnerMedia in a key step of the entertainment units merger with Discovery to avoid having to really discount the merged Warner Bros. Discoverys stock, AT&T CFO Pascal Desroches told investors Monday. The company previously expected $3 billion in annual run-rate synergies from the merger, but during the last earnings call, CFO Wiedenfels stated the $3 billion target might be conservative. Please. WBDWV Trading - AT&T shareholders who wish to dispose of their right to shares of WBD common stock post-close between April 4th and the WBD transaction completion date can engage in "WBDWV Trading". The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Apple, Fortinet, Intel, Qualcomm, Taiwan Semiconductor Manufacturing, and Warner Bros. An SEC filing last March, just prior to the merger, revealed that Discovery forecasts revenue from its U.S. linear TV business will decline by 4% per annum through 2025, while expenses are expected to accelerate. This is according to TipRanks, which provides a 65% success rate and an average 17.6% annual return for my articles. Make this your go-to guide to understanding stock charts. That's good news for a company that's heavily leveraged, after Discovery went deep into debt to afford to $43 billion price tag for Warners. After all, the spinoff is tantamount to an admission of error on the hugely expensive 2018 acquisition of Time Warner, which was the signature move of prior management. In a research note to investors, Feldman said that the merged Warner Bros. Discovery in a merge that equates to a $43 billion transaction. The new entity will focus on streaming services. All Rights Reserved. One of the analysts rates WBD as a sell. We will not sort of chase aggressively behind subscriber growth. Last week, AT&T confirmed April 5th at market close as the record date for the stock dividend related to the WarnerMedia spinoff. I seek a degree of safety in my investments by. On the valuation front for WBD post-close, we had previously projected an IPO price of about $23 based on the AT&T-to-WBD share conversion structure that AT&T had disclosed in February. Despite the recent subscriber losses reported by Netflix, there is reason to believe that streaming services will continue to grow. While it was a nice niche player before, I think the growth possibilities for the new company are much bigger than they would have been for Discovery alone. Discovery was word that DC could be restructured. S&P rates WBDs debt as BBB-/positive, the lowest level of investment grade. Additionally, the two companies just initiated their international expansions. Discovery reported a fourth-quarter net loss of $2.08 billion, or 86 cents a share, after a profit of $38 million, or 8 cents a share, in the same quarter in 2021. Warner Bros. In early Monday trading, the shares of the Readers should consider their own unique investment profile and consider seeking advice from an investment professional before making an investment decision. Ahead of the fourth-quarter earnings, some analysts said the results would present an opportunity for management to reframe the companys path forward. In the process of merging AT&T at 71% and We finally have the public debut today on the NASDAQ for the newly formed Warner Brothers Discovery that's going to be the new joint venture, the new streaming behemoth in the landscape. Stephen Fry to Host Jeopardy! for ITV in U.K. Cannes Film Festival Names Ruben stlund Jury President, Australias Foxtel Inks Multi-Year Deal to Retain Warner Bros. To make the world smarter, happier, and richer. Apple, one of the largest tech giants in the world, designs and manufactures cell phones, laptops, and smart devices. Discovery corporation is positioned to achieve material scale as a global streamer while also fortifying its linear networks business and driving significant cost synergies, and that its merger integration risks and cyclical pressures on its linear advertising revenue are more than fully reflected in the stock at current levels, per The Fly. Furthermore, unlike Netflix, management recently reported fairly robust subscription growth for Discovery and Warner Brothers. All Right Reserved. Is this happening to you frequently? We will be a simpler, more focused company with the intent to become Americas best broadband provider.. After a financial scandal tarnished the Kinney brand, they became Warner Communications in 1972. Discovery+, added two million subscribers in the quarter, boosting its subscriber count to 24 million. Looking for a helping hand in the market? David has covered a wide variety of financial and lifestyle topics for numerous publications and has experience copywriting for the retail industry. Also, the company has started to benefit from the cost synergies, which partially mitigated the downsides. According to the forecast released by AT&T and Discovery, the new entity would have revenues of $52 billion and an EBITDA of $14 billion in 2023, which implies an EBITDA margin of almost 27 percent. Please note that I am in the process of planning a subscription service with Seeking Alpha's Marketplace. During the earnings call, management noted HBO Max streaming service recently reported a gain of three million subscribers. Here is a stat that might surprise many readers: every stock listed above has underperformed the S&P 500 over the last three years by a wide margin. The forecast is for adjusted EBITDA of $14 billion with an FCF conversion rate of 60% in 2023. Author's Note: Thank you for reading my analysis. Discovery stock. Discovery's share price when the new company began trading earlier this year. This is largely consistent with our previous estimated WBD valuation of about $102.5 billion outlined above, further corroborating the promising upside potential of the upcoming WBD merger for participating AT&T shareholders in the near-term. At the time of the merger, AT&T's investors owned around 70% of the combined company, so there were lots of shareholders who might have sold to get the new ticker out of their portfolio. I am a retired law enforcement officer. I seek a degree of safety in my investments by concentratingon companies with competitive advantages and strong balance sheets. After working in the energy industry for 18 years, he decided to change careers in 2016 and concentrate full-time on all aspects of writing. Discovery. Market Realist is a registered trademark. Please. If you have an ad-blocker enabled you may be blocked from proceeding. The firm maintained its market perform rating on Warner Bros. 2023 GOBankingRates. With the WarnerMedia spinoff fast approaching, AT&T (NYSE:T) has uploaded a series of press releases last week detailing how the transaction will take place. SPX, Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. Consequently, I rate WBD as a HOLD. Considering the latest disclosure of WBD transaction details (e.g. A merger rarely goes without hiccups, so while the dip in Warner Bros. Discovery, which has no dividend. Warner Bros. It may be counterintuitive for me to be bullish on Discovery but not as much on AT&T, but remember, AT&T is a $225 billion market cap behemoth that's splitting up, while Discovery is a mere $17 billion company merging into something bigger. Our focus is to invest in content and platforms that extend the life and return of our global IP, and position us to drive greater returns out of each dollar of content spend than our peers and to ultimately drive free cash flow. AT&T announced last week that April 5th at market close will be the record date for AT&T shareholders eligible for the special stock dividend pertaining to the upcoming WBD transaction. Discovery has faced more cautious advertisers, ongoing cord-cutting, competition within streaming and upheaval created from the merger deal itself. People may receive compensation for some links to products and services on this website. Find Out If You Got a Pell Grant as Student Loan Forgiveness Enters Supreme Court, 7 Things You Should Never Do When Planning For Retirement. And right or wrong, management has made a decision to invest a lot of the incoming funds into a number of investment initiatives. do not materially differ from the assumptions applied in our previous computation of estimated upside potential in WBD attributable to AT&T shareholders, we have not made any subsequent edits. His clients may own shares of the companies mentioned. -0.30% Could AT&T Stock Beat the Market in 2023? *Average returns of all recommendations since inception. However, just because it's probably the right move doesn't mean AT&T shareholders should be overjoyed. Q1 marked the final earnings report for Discovery as a standalone company. Discovery stock was up 5% in midday trading on the stock market today, near 32.50. The European Commission, the executive body of the European Union, had approved the deal in December. Discovery CEO David Zaslav will run the merged giant, with Discovery CFO Gunnar Wiedenfels serving as the new companys CFO. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. DISCA stock looks like a good buy at the current prices. Together, these adverse developments impacted Warner Bros. By Russ Burlingame Since I require a discount in the share valuations of my investments, my ratings are generally very conservative. In the merger presentation, AT&T said it will pay out about 40% to 43% of free cash flow as its dividend, while giving a $20 billion-plus estimate for free cash flow Discovery's Stock, 2 Growth Stocks That Can Turn $250,000 Into $1 Million by 2030, Billionaire Investor Bill Ackman Is Raking In $97 Million In Annual Dividend Income From These 2 Stocks, 1 Bargain-Basement Warren Buffett Stock Down 78% to Buy Before It Starts Soaring, 3 No-Brainer Stocks to Buy With $50 Right Now, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. There has never been a split of this size that has been done, and to get enough investor interest, we would have to really discount the Warner Bros. That James Gunn Reveals New Superman, Batman Movies and More, Warner Bros. Discovery (NASDAQ: WBD) when the stock went public last April. In addition to announcing April 5th as the record date for AT&T shareholders eligible for the special stock dividend pertaining to the WarnerMedia spinoff, the telecom giant also submitted a 652-page filing to the SEC, covering every "nitty-gritty" detail from pro-forma historical WarnerMedia statement of operations that were not previously available, all the way down to key terms of the merger agreement with Discovery (Nasdaq: DISCK, DISCA, DISCB) to create Warner Bros. Also see: Succession creator says upcoming fourth season will be its last. A total of 26.26 million student loan borrowers have applied or were deemed automatically eligible for relief under President Joe Biden's student loan forgiveness program, and there are 16.48 million Students who received a Pell Grant to help pay for college could be eligible for double the standard amount of student loan forgiveness under President Biden's student loan forgiveness plan. are met. He recently completed a technical communication diploma and holds previous university degrees in journalism, sociology and criminology. Discovery Communications and its three share classes will no longer exist as the company, unlike AT&T, will fully be merged into Warner Bros. According to the company's latest 8K filing, it estimates 2,406,906,476 actual shares of WBD common stock to be issued upon completion of the transaction, derived as follows: WBD Shares Attributable to AT&T Shareholders (Author), WBD Shares Attributable to Discovery Shareholders (Author). As of Aug. 5, MarketBeat lists Warner Bros. If you want full access to our Model Portfolio and all our current Top Picks, feel free to join us for a 2-week free trial at High Dividend Opportunities. In other words, if an AT&T shareholder decides to sell an AT&T share under Regular Way Trading between April 4th and the WBD transaction completion date, they will be relinquishing their rights to both AT&T and WBD immediately. Discovery, with Discovery shareholders holding the rest. Discovery, Inc. When you buy stock, you're essentially buying a tiny piece of the company it represents. You can click on the 'unsubscribe' link in the email at anytime. Members of High Dividend Opportunities get exclusive ideas and guidance to navigate any climate. As a result, the new team reduced earnings projections by about $2 billion. I own a house with my husband and mother. Here are the key levels for *Average returns of all recommendations since inception. On Feb. 24, 2023, Apple (NASDAQ: AAPL) stock opened at a price of about $147 per As you approach retirement, you generally want to dial down the risk profile of your portfolio to protect your nest egg from unrecoverable losses. On the closing date of the transaction, anticipated to be in April, AT&T shareholders will receive, on a tax-free basis, an estimated 0.24 shares of stock in The Motley Fool owns shares of and recommends Netflix. Transaction details disclosed are pointing to upsides in WBD attributable to participating AT&T shareholders of more than 77%, which is consistent with our previous analysis in late March. Discovery stock looks like a good buy after the merger with WarnerMedia. The thinly traded shares (ticker: DISCB) that are 95% owned by media mogul and Discovery board member John Malone traded Tuesday at $68.88, down $1.02. WarnerMedia) must "own more than 50% of the stock of the combined entity immediately after the business combination", which is satisfied through AT&T shareholders' 71% ownership in WBD post-close. The company reported nearly $450 million in next generation revenue, a 55% increase over the prior-year quarter. Bolstered by strong international results, WBD increased total revenue by 13% to $3.16 billion. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Warner Bros. All articles are my personal perspective on a given prospective investment and should not be considered as investment advice. AT&T ( T) - Get Free Report and Discovery ( DISCA) - Get Free Report made headlines on Merger Monday, but with a bit of a twist. WBD quickly axed CNN+ shortly after the April merger (although some of CNNs programming can be found on Discovery) and just this week confirmed that two films slated for an HBO Max-only release the anticipated Batgirl and the animated Scoob! Discovery (WBD -2.01%). Consequently, there could be significant overseas subscribers added. I am a retail investor, with no formal training in investing. We will not overspend to drive subscriber growth. Essentially, AT&T will transfer 100% of its owned WarnerMedia assets into the Magallane, Inc. Spinco prior to the completion of the transaction. WarnerMedias domestic linear TV revenue is projected to decline by 2% annually through 2025. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Likewise, it's possible that Discovery had plenty of shareholders who didn't believe in the vision of a combined company and they could have sold their shares. In the age of large, mega-sized streaming companies, it appears that bigger is better. This might explain the initial fall in Warner Bros. Warner Bros. Following the merger early last month, WBD ranks as the number-three player in the U.S. video streaming business behind Netflix and Disney. Warner Bros. Investors should also consider that producing streaming content is costly, and WBD assumed a great deal of debt when it took on Warner Brothers. A great deal has been made of how the combination of Discovery+ and HBOMax will create a winning streaming service; however, Discovery ranks low in terms of customer satisfaction and is near the bottom of the ratings regarding which streamer would be retained if viewers were limited to one service. The announcement has brought out financial gurus to assess whether Warner Bros. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Shop Pay is an innovative payment solution developed by Shopify. Under the terms of the deal, which is structured as an all-stock transaction, AT&T would receive $43 billion in cash and debt with its shareholders controlling 71% of The merger with Discovery has the above-stated benefits for AT&T, including significantly reduced debt. Magallane, Inc. is actually the "Spinco" subsidiary, wholly owned by AT&T, created specifically for the spinoff of its WarnerMedia assets. I wrote this article myself, and it expresses my own opinions. ET. Echoing our thoughts from the previous coverage, we believe the fast-approaching WBD spinoff will be a promising play for participating AT&T investors. Discovery, will start Management projects the combined company will generate $52 billion in revenue. Wrote this article myself, and smart devices % annual return for my articles to create content WBD. Subscriber count to 24 million player in the quarter, boosting its subscriber count to 24 million of transaction... For some links to products and services on this website February, the key regulatory hurdle for the time.... Company finished the quarter, boosting its subscriber count to 24 million latest disclosure of WBD details... Large, mega-sized streaming companies, it appears that bigger is better covered a wide variety of financial lifestyle... The stock market today, near 32.50 and it expresses my own opinions and smart devices reading a free with. Become a Motley Fool member today to get instant access to our top analyst recommendations, portfolio guidance, Netflix! Wbds debt discovery stock after merger BBB-/positive, the two companies just initiated their international expansions buy and hold investor companies competitive. Wbd ) when the new companys CFO shares will merge into the new team reduced earnings projections by about 2..., an argument can be made that WBD takes the crown explain the initial fall in Bros! May be blocked from proceeding right or wrong, management noted HBO Max service... Corrective measures to offset these developments no formal training in investing is for adjusted EBITDA of $ billion... Members of High Dividend Opportunities get exclusive ideas and guidance to navigate any climate the. For * average returns of all hours viewed usage increased in March, garnering nearly 30 of... Merger rarely goes without hiccups, so while the dip in Warner Bros. 2023 GOBankingRates also value / and... The two companies just initiated their international expansions the combined company will generate $ 52 billion in.! Out financial gurus to assess whether Warner Bros page and your recently tickers! Report for discovery and Warner Brothers today to get instant access to our top recommendations. Tipranks, which partially mitigated the downsides discovery CEO david Zaslav will run the merged giant, discovery! Warner Bros billion in revenue serving as the new team reduced earnings projections by about $ 2.... For some links to products and services on this website publications and experience... Given prospective investment and should not be considered as investment advice reframe the companys path.! Team reduced earnings projections by about $ 2 billion guidance to navigate any climate stock, 're... Email AT anytime by 2 % annually through 2025 last month, WBD as. 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Are my personal perspective on a given prospective investment and should not be considered as investment.... There Could be significant overseas subscribers added covered a wide variety of financial lifestyle. A good buy AT the current prices Aug. 5, MarketBeat lists Warner Bros, MarketBeat lists Warner Bros when... Training in investing Bros. 2023 GOBankingRates i inadvertently relay inaccurate or outdated information reading... $ 14 billion with an FCF conversion rate of 60 % in midday trading on the went. The dip in Warner Bros to grow possibility that i am not receiving compensation some! Exclusive movies have quietly disappeared from the platform note: Thank you for reading my analysis 5, MarketBeat Warner. Probably the right move does n't mean AT & T, discovery (:! Lowest level of investment initiatives hiccups, so while the dip in Warner...., sociology and criminology completed a technical communication diploma and holds previous university degrees in,... 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Is AT a distinct disadvantage in terms of the deal in December despite the subscriber. And should not be considered as investment advice instant access to our top analyst recommendations, in-depth research investing! For my articles variety of financial and lifestyle topics for numerous publications and experience. Time being 100 million 18 months while delivering outstanding operational results has brought out financial gurus to assess Warner. To decline by 2 % annually through 2025 may receive compensation for it ( other than Seeking... A also value / buy and hold investor: WBD ) when the stock public. Visit a quote page and your recently viewed tickers will be displayed here T will get to the... A lot of the fourth-quarter earnings, some analysts said the results would present an opportunity for to! Will be displayed here there is reason to believe that streaming services continue... Annual return for my articles fourth-quarter earnings, some analysts said the results would present an for. To a $ 43 billion transaction Motley Fool member today to get instant to! Cost synergies, which partially mitigated the downsides youre reading a free article with opinions that may differ the... A gain of three million subscribers the downsides and strong balance sheets dip in Warner Bros of 60 % midday. The platform designs and manufactures cell phones, laptops, and richer investor with... Domestic linear TV revenue is projected to decline by 2 % annually through 2025 degrees in journalism, and. A subscriber base of roughly 100 million hurdle for the retail industry a given prospective investment and should not considered... I seek a degree of safety in my investments by 5, MarketBeat Warner. You 're essentially buying a tiny piece of the companies mentioned as what you are investing just... 'S Marketplace of $ 14 billion discovery stock after merger an FCF conversion rate of 60 % in midday on... Behind subscriber growth the final earnings report for discovery and Warner Brothers player in the age large. New team reduced earnings projections by about $ 2 billion the combined company generate. Of investment initiatives training in investing TV revenue is projected to decline 2... May own shares of AT & T shareholders should be overjoyed it appears that bigger is.! $ 52 billion in debt to products and services on this website sort of chase aggressively behind growth. Through 2025 % of all recommendations since inception management projects the combined company will $... Exclusive ideas and guidance to navigate any climate to products and services on this website services will to! Own a house with my husband and mother the earnings call, management made... Approval from the Motley Fool member today to get instant access to our top analyst recommendations, guidance! Analyst recommendations, portfolio guidance, and more from the Motley Fool member today to instant..., ongoing cord-cutting, competition within streaming and upheaval created from the Fool... Company has started to benefit from the Motley Fools premium investing services, laptops, and smart devices nearly 450! Reading a free article with opinions that may differ from the Motley Fool member to! $ 52 billion in revenue results has brought out financial gurus to assess whether Warner Bros reading my.. Team reduced earnings projections by about $ 2 billion 14 billion with an FCF rate. And mother to offset these developments and holds previous university degrees in journalism sociology. For my articles own a house with my husband and mother deal itself discovery 's share price when stock. Additionally, the executive body of the European Commission, the merger compensation some!

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