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Three years ago, AT&T Inc. marched into Hollywood with big ambitions to be a 21st century media colossus, connecting its booming cell phone business with legendary media properties HBO, the Warner Bros. film and TV studio and Turner channels including cable news juggernaut CNN.
Now, the company is retreating from those plans.
Daunted by the challenges of competing in the streaming age and shackled by a mountain of debt, the Dallas telecommunications behemoth is poised to spin off its entertainment assets into a new venture with cable programming company Discovery, which owns HGTV, the Food Network and Animal Planet, according to people familiar with the matter who were not authorized to comment.
AT&T, Discovery to merge media content assets in a new deal
Photo by: Luismt94/Wikimedia Commons (CC BY-SA 4.0) Monday, May 17, 2021 7:56 AM UTC
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AT&T is reportedly in discussion with Discovery Inc. for a possible merging of their media content assets. The proposed deal, if sealed, is predicted to create an entertainment company that can compete with the streaming giant Netflix and Walt Disney Company.
AT&T and Discovery merger details
AT&T has some of the most popular entertainment labels already including CNN, Warner Bros., HBO and HBO Max. It has a lot more assets under its WarnerMedia unit but it seems that the American telecommunication company wants to offload these media assets it acquired barely three years ago.
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A Deadly Day in Gaza City
Israeli airstrikes on Gaza City flattened three buildings and killed at least 42 people Sunday, Palestinian medics said, in the deadliest single attack in the latest round of violence. Despite the toll and international efforts to broker a cease-fire, Israeli Prime Minister
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