AT&T Will Spin Off HBO to Merge With Discovery
The streaming landscape just got a little more interesting. In a joint press release on Monday, AT&T (NYSE: T) and Discovery (NASDAQ: DISCA) (NASDAQ: DISCK) announced that WarnerMedia would be spun off and merged with Discovery to create a new stand-alone company. The combination would result in a content powerhouse and one of the largest global streaming players.
The announcement confirmed rumors that had swirled all weekend; they were first reported by Bloomberg on Sunday. The deal will create a company that owns nearly 200,000 hours of popular programming and more than 100 well-known brands. These include HBO, CNN, the Cartoon Network, Adult Swim, TBS, TNT, and DC Comics. It will also house HGTV, the Food Network, TLC, and Animal Planet. The new company will also have expanded global reach, spanning more the 220 countries with broadcasts in 50 languages.
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Source Fool.com
