Washington, United States:
US telecommunications giant AT&T could announce as quickly as Monday a merger in between its WarnerMedia unit — which owns CNN and HBO — and Discovery media, media reports stated.
The new entity is anticipated to be owned by AT&T and Discovery, according to a CNBC report, but no information have been instantly released.
Bloomberg, citing people today with expertise of the matter, reported a deal “could be announced announced as soon as this week.”
Contacted by AFP, neither AT&T, WarnerMedia, or Discovery had responded on Sunday evening.
The transaction could develop a giant capable to compete with Netflix and Disney+, which have seen their quantity of subscribers surge throughout the pandemic.
A slowdown in the development of the Disney empire’s streaming platform in between January and March, even so, made investors fret and brought on the group’s shares to plunge last week.
AT&T purchased Time Warner in 2018 for $80 billion, then renamed it WarnerMedia, which owns HBO, Warner Bros. studios and cable channels such as CNN.
Discovery has channels in 220 nations, according to its internet site.
WarnerMedia had net sales of $30.4 billion in 2020, and Discovery — which owns Eurosport — of $10.7 billion
(This story has not been edited by TheSpuzz employees and is auto-generated from a syndicated feed.)