AT&T to spin off WarnerMedia and combine it with Discovery in a $43B deal.
The new combined company will own one of the largest content libraries in the world, of more than 100 brands — including HBO, Warner Bros., CNN, Discovery, HGTV, TLC, Carton Network, Food Network, TNT, Eurosport, Magnolia Network, Animal Planet, and DC Comics. This move will give AT&T a strong edge in the streaming wars against Netflix. AT&T's shareholders will get the majority of the shares in the combined company, at 71%, while Discovery's shareholders will get 29%. The new company will be run by Discovery CEO David Zaslav and it doesn't have a name yet. Link
Update: Discovery and WarnerMedia announced the name for the combined company: Warner Bros. Discovery. Very unique 😀
