Tuesday, July 16, 2024

AT&T announces the merger of its WarnerMedia subsidiary with Discovery

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Alan Binder
Alan Binder
"Alcohol scholar. Twitter lover. Zombieaholic. Hipster-friendly coffee fanatic."

US telecom giant AT&T on Monday may announce the merger of its subsidiary WarnerMedia, which owns CNN and HBO, with media group Discovery, which owns Eurosport among others, according to the US press on Sunday.

The new entity is expected to be owned by AT&T and Discovery, according to this information, but no details have been disclosed.

AFP contacted, and neither AT&T, WarnerMedia, nor Discovery responded on Sunday.

The deal could create a giant that is able to compete with Netflix and Disney +, which have seen their subscribers jump in huge numbers.

However, the slowdown in the growth of the Disney Empire streaming platform between January and March sparked investor concern and caused the group’s stake to drop last week.

AT&T bought Time Warner in 2018 for $ 80 billion, then renamed WarnerMedia, which owns HBO and Warner Bros Studios. And cable channels like CNN.

Discovery has channels in 220 countries, according to its website.

WarnerMedia had net sales of $ 30.4 billion in 2020, and a $ 10.7 billion discovery.

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