WarnerMedia owner AT&T has unveiled a shock deal to combine its media assets with factual giant Discovery that will create a $150bn content behemoth.
The agreement, details of which were first reported on Sunday, will bring WarnerMedia’s entertainment, sports and news assets under the same roof as Discovery’s array of factual entertainment offerings.
It includes WarnerMedia’s recently launched streamer HBO Max, as well as Warner Bros. and HBO, plus the factual giant’s SVOD Discovery+, linear networks such as HGTV and TLC.
AT&T, which confirmed the deal on Monday, will take a 71% stake in the new, as-yet unnamed company while Discovery will hold a 29% interest. The US telco giant, which is debt laden following acquisitions of Time Warner and DirecTV, will receive $43bn in cash and debt.
AT&T confirms WarnerMedia & Discovery merger in shock $150bn deal
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