June 19, 2021

AT&T, Discovery in Talks to Merge Media Businesses – The Hollywood Reporter

AT&T is in talks with Discovery, Inc. to merge its media business with the sprawling television company, The Hollywood Reporter has confirmed.

Bloomberg, which was the first to report the news on Sunday, adds that the two media giants could unveil an agreement as early as this week.

Under the terms floated by Bloomberg, AT&T would spin off WarnerMedia into the newly combined company, creating a TV, film and streaming powerhouse. AT&T would contribute assets including WarnerMedia and HBO Max with Discovery’s reality television-heavy properties, such as the Discovery Channel, HGTV, TLC, Food Network, OWN and Animal Planet, among others.

Some on Wall Street have predicted further mega-deals, with much recent focus on a possible merger of Comcast’s NBCUniversal and WarnerMedia.

When reached by The Hollywood Reporter, a Discovery representative declined comment….

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