AT&T combining HBO, CNN, and more with Discovery to create 'formidable' rival to Netflix, Disney
Make way for WarnerDiscovery.
AT&T on Monday announced it has reached a deal to spin off WarnerMedia and combine it with Discovery, creating a new standalone company, CNN reports. Discovery CEO David Zaslav will lead the new company, which The New York Times writes would be a "media juggernaut" that would be bigger than both Netflix and NBCUniversal, though not quite as big as Disney.
The $43 billion deal, CNN writes, would "combine two treasure troves of content," including the streaming services HBO Max and Discovery+. WarnerMedia owns HBO, CNN, TNT, TBS, and Warner Bros. among other assets, while Discovery's brands include HGTV, Food Network, and Animal Planet.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The combined company "would be a formidable competitor to" Netflix and Disney as the streaming wars continue to heat up, Bloomberg writes. The company is planning to spend about $20 billion on content, more than Netflix, Axios reports.
This announcement was also a "significant about-face" on the part of AT&T, which acquired Time Warner for over $85 billion in 2018, the Times writes.
AT&T CEO John Stankey said Monday the move "positions the new company to be one of the leading global direct-to-consumer streaming platforms." The deal is subject to regulatory approval, but the companies say they expect it to close in the middle of 2022.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Magazine interactive crossword - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Magazine solutions - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Magazine printables - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published