AT&T to spin off WarnerMedia in tie-up with Discovery SECTIONS Last Updated: May 17, 2021, 07:07 PM IST Share Synopsis When the deal is finalized, AT&T will receive $43 billion and AT&T's shareholders will take stock representing 71 percent of the new company, with owners of Discovery -- which operates Discovery Channel, Food Network, Animal Planet and others -- holding 29 percent. Agencies The slump in WarnerMedia's value highlights the changing landscape in media as traditional Hollywood giants lose ground to new streaming players. AT&T said Monday it was spinning off its WarnerMedia unit and combining it with Discovery, creating a new standalone media giant and ending the telecom group's ambition to become a content and delivery powerhouse.