Entertainment groups join forces to create huge media group
Merger of Discovery’s reality-TV empire and AT&T’s media holdings will create a formidable competitor to Netflix and Walt Disney
17 May 2021 - 16:12
AT&T agreed to spin off its media operations in a deal with Discovery that will create a new entertainment company, merging assets ranging from CNN and HBO to HGTV and the Food Network.
AT&T will receive $43bn in cash, debt securities and debt retention with AT&T shareholders getting stock representing 71% of the new company, the companies said on Monday. Discovery CEO David Zaslav is to lead the new entity...
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