AT&T will combine its massive media operations that include CNN, HBO, TNT and TBS in a $43 billion US deal with Discovery, the owner of lifestyle networks including the Food Network and HGTV. Faced with cord-cutting and incursions by streaming services, major broadcast media companies have retrenched and sought strength through mergers. In the all-stock deal, AT&T will receive $43 billion US in a combination of cash, debt securities and WarnerMedia's retention of certain debt. AT&T had pushed into the streaming sector through HBO Max, a direct competitor with Netflix, Apple, Disney and Comcast. Discovery launched a standalone streaming service called Discovery Plus this year.

Source: CBC News May 17, 2021 11:48 UTC