WarnerMedia tie-up with Discovery to target streaming big shots

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AFP

Washington (AFP) – AT&T said Monday it was spinning off its WarnerMedia unit and combining it with Discovery, creating an independent firm that could take on industry leaders such as Netflix in the fast-growing streaming sector. The deal, which signals the telecom giant’s retreat from ambitions to be a player in the entertainment world, carves out the AT&T division which includes HBO, Warner Bros studios and CNN. AT&T will receive $43 billion and AT&T’s shareholders will own 71 percent of the new company, with Discovery — which operates Discovery Channel, Food Network, Animal Planet and other…

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