In a new merger between Warner Media and Discovery, AT&T plans on combining the two platforms to create a competitor to popular streaming websites.
In a new announcement two of the world’s biggest entertainment companies have decided to merge. In a definitive agreement, AT&T and Discovery will combine WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses. This new Warner Media and Discovery merge will create a premier, standalone global entertainment company.
The two companies made a 43 billion dollar deal. The new company will be lead by Discovery President & CEO David Zaslav will lead the proposed new company with a best-in-class management team and top operational and creative leadership from both companies. David said, “It is super exciting to combine such historic brands, world-class journalism, and iconic franchises under one roof and unlock so much value and opportunity. With a library of cherished IP, dynamite management teams, and global expertise in every market in the world, we believe everyone wins…consumers with more diverse choices, talent and storytellers with more resources and compelling pathways to larger audiences, and shareholders with a globally scaled growth company committed to a strong balance sheet that is better positioned to compete with the world’s largest streamers. We will build a new chapter together with the creative and talented WarnerMedia team and these incredible assets built on a nearly 100-year legacy of the most wonderful storytelling in the world. That will be our singular mission: to focus on telling the most amazing stories and have a ton of fun doing it.”
This new deal was done in order to make Discovery and Warner media more powerful together as opposed to them as a single media. This move will also take over and also focus on creating more content to compete with popular streaming websites like Netflix and DisneyPlus. Media brands like CNN, TBS, T&T, HGTV, Food Network, Discovery Channel, Warner Bros Pictures, HBO Max will have a single corporate parent. The merger is a huge deal and also raises questions for the future of DC comics and films. The name of the new platform will be unveiled by next week.