WarnerMedia and Discovery to merge, forming streaming giant
World BusinessMay 17, 2021
NEW YORK (AFP) -- US telecommunications firm AT&T announced Monday a merger between its WarnerMedia unit -- which owns CNN and HBO -- and Discovery media, creating a streaming giant that could compete with Netflix and Disney+. When the deal is finalized, AT&T will receive $43 billion and AT&T's shareholders will take stock representing 71 percent of the new company, with Discovery shareholders owning 29 percent. In a joint statement, the merger was described as creating &qu