American Telecommunications Corporation American Telephone and Telegraph (AT&T) is in talks to merge its WarnerMedia media division with Discovery, Bloomberg and CNBC reported, citing sources. The amount of the deal has not been specified; its conclusion may be announced this week.
Discovery and WarnerMedia will be merged into a new company, most of which will be owned by AT&T, according to CNBC. The exact split between AT&T and Discovery shareholders is not yet known. Both companies declined to comment on the proposed deal.
AT&T bought WarnerMedia in 2018 (prior to the acquisition, the company was called Time Warner) for $ 85 billion. AT&T owns CNN, HBO, Cartoon Network, TBS, TNT, and Warner Bros.
Discovery owns HGTV, Food Network, TLC and Animal Planet channels. The company’s capitalization is estimated at $ 16 billion, the market value of the company is $ 30 billion.
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