AT&T in talks to spin off WarnerMedia for merger with Discovery
AT&T intends to break off its media arm and merge the assets with Discovery, in what could be a bid to strengthen the organization against streaming rivals such as Netflix, Disney, and Apple.
AT&T is believed to be preparing to make a deal with Discovery that could create a new media behemoth, one that could be announced within the next week. If agreed, the deal would see AT&T spin off its media assets, which would then be combined with Discovery into a new entity.
According to sources of Bloomberg, the two organizations are still negotiating the structure of the transaction, and it could still collapse at this late stage.
The deal would create an organization that combines the properties owned by AT&T’s WarnerMedia unit and Discovery. WarnerMedia includes CNBC, HBO, Cartoon Network, TBS, TNT, and the Warner Bros. studio, while Discovery controls networks including HGTV, Food Network, TLC, and Animal Planet.
If true, the deal would see AT&T cast off its media assets, which it acquired in an $85 billion acquisition in 2018. At the time, the deal made one of the largest media conglomerates in the world, something the new arrangement will also produce.
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May 16, 2021 at 01:13PM