AT&T will merge WarnerMedia operations with rival Discovery

NEW YORK (AP) — AT&T and Discovery will merge their media operations in a $43 billion deal that will create a new company overseeing CNN, HBO, TNT and TBS, along with Discovery’s Food Network, HGTV and others.

With the agreement Monday to spin off WarnerMedia, AT&T is pulling back from a yearslong campaign to break into the streaming and entertainment sector, where big players are slugging it out with increasingly large war chests dedicated to premium and original content.

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