WebMD is the acquirer in the tax-free all-stock deal valued at $1.29 billion; it’s subject to shareholder approval. WebMD CEO Martin Wygod will be chairman—he is already acting CEO and chairman of HLTH, while WebMD President and CEO Wayne Gattinella stays in those roles. Operating two distinct publicly held companies when one owns 83 percent of the other—and they already share leadership—makes little sense, especially with HLT continuing to pare down its non-WebMD holdings. Combining the two should cut costs and confusion.

SEE ALSO: HLTH Corp. and WebMD Cancel Merger Agreement, Citing Market Turmoil

The pair scuttled the long-planned merger in October to leave WebMD as a publicly traded company with its own healthy cash balance, instead of the constraints of HLTH’s $650 million in long-term debt. Release.