News Alert: AT&T spins off WarnerMedia, combines it with Discovery

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News Alert: AT&T spins off WarnerMedia, combines it with Discovery

On Monday morning AT&T (T) and Discovery, Inc. (DISCA) announced a deal under which AT&T's WarnerMedia will be spun off and combined with Discovery in a new standalone media company.

The deal, subject to regulatory approval, will combine two treasure troves of content, including the HBO Max and discovery+ streaming services. CNN will be included in the transaction.