| Decision | Consent decided Section 12(1) of the Overseas Investment Act 2005 (the Act) |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 20 December 2021 |
| Pathway(s) | Residential land development (non-residential use - one-off purchase) and significant business assets |
| Investment | Acquisition of WarnerMedia business from AT&T Inc including New Zealand subsidiary production companies, whose assets include residential land |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Drake Subsidiary, Inc. , a direct, wholly owned subsidiary of Discovery, Inc. (the Applicant). United States of America (98.4%) Various (1.6%) |
| Vendor | AT&T Inc. United States of America (99.97%) Various (0.03%) |
| Background | The applicant has agreed to acquire the WarnerMedia business from AT&T Inc as a part of a wider transaction involving the merger of subsidiaries of Discovery Inc and AT&T Inc. This includes nine New Zealand registered companies used in the production of media. The New Zealand based assets include residential land used in the production of certain television programmes. Discovery Inc is a worldwide provider of media content via various distribution channels. It intends to operate and grow the New Zealand business. This consent has been granted on the basis the applicant has satisfied the investor test criterion and is in accordance with the non-residential use test set out in Schedule 2 of the Act. The consent permits the Applicant to acquire the New Zealand owned WarnerMedia assets which includes a freehold interest in land which is residential (but not otherwise sensitive) land, for the purpose of television production. The land will be divested once the television production and related activities have concluded. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 Auckland 1140 |