AT&T is preparing to merge media assets with Discovery AT&T’s campus in El Segundo. (Irfan Khan / Los Angeles Times) By Ed Hammond Print AT&T Inc. is in talks to combine its media business with Discovery Inc. in a deal that would create a new entertainment giant, according to people with knowledge of the matter, a surprising move for a company that spent $85 billion to acquire the media assets less than three years ago. A deal could be announced as soon as this week, said the people, who asked not to be identified because the information was private.