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AT&T’s WarnerMedia, Discovery to Merge in Blockbuster Deal

  • Tie-up combines two of the world’s biggest TV content owners
  • AT&T retreats from media empire built by its former CEO
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'Nimble' AT&T Smart to Spin Off Media Assets: Jones Day
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AT&T Inc. agreed to spin off its media operations in a deal with Discovery Inc. that will create a new entertainment company, merging assets ranging from CNN and HBO to HGTV and the Food Network.

The transaction values the combined entity at about $130 billion including debt, based on WarnerMedia’s estimated enterprise value of more than $90 billion.