Discovery holders sign off on AT&T media merger, setting up April close

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• Discovery (DISCA -1.3%) stockholders have approved the company's media merger with WarnerMedia (T +1.6%), the last key formality before the creation of Warner Bros. Discovery as a key media-industry player.
• At a special meeting the shareholders signed off on charter amendments, a proposal to issue shares in connection with the deal, and a nonbinding advisory compensation proposal.
• Both boards had approved the deal and it's received regulatory go-aheads.
• The two companies have recently been signaling that with Discovery holder approval in hand they will proceed toward closing by mid- to late April.
• Morgan Stanley last week took a look at catalysts driving the new, media-free AT&T to come.
• AT&T is currently holding its Investor Day presentations describing its way forward as a communications and broadband company.