AT&T spins off WarnerMedia to join Discovery, create major media company
DALLAS, Tex. (UPI) -- AT&T announced Monday that it's merging WarnerMedia -- which includes HBO and CNN -- with Discovery to form a standalone streaming and entertainment company. The deal would pay $43 billion to AT&T and let it keep 71% ownership of the new company. Discovery shareholders would own 29%. Boards at AT&T and Discovery have already signed off on the agreement, the companies said. David Zaslav, Discovery's president and CEO, will lead the new company. "This agreement unites two […]
