AT&T signing $43B deal to combine media business with Discovery
NY Post
Telecom giant AT&T on Monday announced a deal to spin off its content unit WarnerMedia and merge it with Discovery, creating a massive studio that could compete with streaming rivals Netflix and Disney.
The two companies said AT&T will receive $43 billion in a mix of cash, debt and WarnerMedia’s retention of certain debt for the deal. Current AT&T shareholders will receive stock representing 71 percent of the newly formed company, while Discovery shareholders will control 29 percent, the joint announcement said. WarnerMedia, which was known as Warner Bros when it was acquired by AT&T through the purchase of Time Warner in 2018 for $109 billion, includes CNN, HBO as well as cable channels TNT and TBS. Discovery focuses more on reality-focused TV channels, such as the Food Network and HGTV.More Related News
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