More streaming services have been launched over the past few years than anyone could possibly hope to keep track of. Virtually every major entertainment company now has a streaming service or, at the very least, an app within which viewers can watch its content on demand. It was only a matter of time before some of the streamers opted to combine rather than compete, and this Monday, AT&T announced that it would be spinning off WarnerMedia into a standalone company that will merge with Discovery to challenge the likes of Disney and Netflix.
In a press release, AT&T revealed that it will receive $43 billion under the terms of the deal, while its shareholders will receive stock representing 71% of the new company. Discovery will take the other 29%.
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WarnerMedia and Discovery join forces to challenge Netflix and Disney+ originally appeared on BGR.com on Mon, 17 May 2021 at 11:04:03 EDT. Please see our terms for use of feeds.
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