[1andrew1]

Big development.

AT&T nears deal to create $150bn streaming giant with Discovery

Structure of agreement is unclear but AT&T expected to control most of combined entity

AT&T is nearing a deal to combine its content unit WarnerMedia with rival Discovery to create a media giant with an enterprise value of $150bn, just a few years after acquiring the owner of CNN, HBO and Warner Bros, said people briefed about the matter.

The board of directors of AT&T were meeting on Sunday to approve the deal, said two people with direct knowledge of the matter. The agreed deal is expected to be announced in the coming days, those people said.

The combination would merge one of Hollywood’s most valuable catalogues — spanning the Warner Bros film and television studios, the HBO network and a portfolio of cable channels including CNN — with Discovery, which has had success with a new streaming service aimed at unscripted cooking and home renovation shows.

https://www.ft.com/content/5aeba5f9-...7-e0431aad798b