It’s official. AT&T’s partnership with Discovery to merge their media assets was recently confirmed.
The media giants have been in discussions. These talks have spanned several weeks. They seem to have come to a consensus on forming a standalone global entertainment company, considered a top-tier entity.
What does this mean? AT&T will spin off its WarnerMedia group. This group will then merge with Discovery Inc. The objective is to blend the extensive media libraries of both companies.
This collaboration is far-reaching. It brings together AT&T’s owned assets, including Warner Bros studios, HBO, CNN, and TBS. It also incorporates Discovery’s assets, which include Discovery Channel, HGTV, Animal Planet, TLC, and Food Network.
Both companies launched their own streaming services. Under this new structure, content from HBO Max and Discovery Plus would be merged. This forms a combined streaming platform within the newly formed entity.
Who’s in charge? According to AT&T’s press release, it’s Discovery CEO Dave Zaslav. He will lead the new media company.
The official name of the new spinoff is yet to be determined. However, one thing is for sure: This agreement will reshape the media landscape in the years ahead.
In response to the deal, AT&T CEO John Stankey commented on its potential. He highlighted the union of two entertainment powerhouses.
“This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms. This will create efficiencies which can be re-invested in producing more great content to give consumers what they want.”
The anticipated closing date for this deal is during the summer of 2022. However, it’s important to note that final approval hinges on the green light from regulators and Discovery shareholders.
The streaming market is more crowded than ever before. The primary goal of this partnership appears clear. It aims to create a stronger contender in the streaming arena. Netflix and Disney Plus are among the established giants they aim to challenge. It also targets NBC’s Peacock TV and other similar services.
It will be intriguing to witness the unfolding of this merger. It will be equally captivating to observe the ripple effects it creates across the streaming industry at large.
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Want to delve deeper into the merger between AT&T’s WarnerMedia and Discovery Inc.? Check out the informative video provided below.