WarnerMedia, Discovery Could Merge: Report

WarnerMedia, Discovery Could Merge: Report

WarnerMedia had net sales of $30.4 billion in 2020.

Washington, United States:

US telecommunications giant AT&T could announce as soon as Monday a merger between its WarnerMedia unit -- which owns CNN and HBO -- and Discovery media, media reports said.

The new entity is expected to be owned by AT&T and Discovery, according to a CNBC report, but no details were immediately released.

Bloomberg, citing people with knowledge of the matter, reported a deal "could be announced announced as soon as this week."

Contacted by AFP, neither AT&T, WarnerMedia, or Discovery had responded on Sunday evening.

The transaction could create a giant able to compete with Netflix and Disney+, which have seen their number of subscribers surge during the pandemic.

A slowdown in the growth of the Disney empire's streaming platform between January and March, however, made investors fret and caused the group's shares to plunge last week.

AT&T bought Time Warner in 2018 for $80 billion, then renamed it WarnerMedia, which owns HBO, Warner Bros. studios and cable channels such as CNN.

Discovery has channels in 220 countries, according to its website.

WarnerMedia had net sales of $30.4 billion in 2020, and Discovery -- which owns Eurosport -- of $10.7 billion

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Related news

G7 Leaders Take On China, Covid And Climate

G7 leaders on Saturday confronted China and the threat of future pandemics as the elite club of wealthy nations advertised a newfound Western unity at its first physical summit since 2019.

NDTV News

Ingraham: How Biden is sabotaging America

Ingraham: How Biden is sabotaging America

'The Ingraham Angle' host says Biden is picking European allies over American workers. #FoxNews #Ingraham Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news serv...

China reportedly funding China funding human-animal hybrids.

China reportedly funding China funding human-animal hybrids.

Tammy Bruce warns that Democrats blocked measure to prohibit funding of chimera experiments. #FoxNews #FoxNewsPrimetime Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompas...

Mom who survived Mao's cultural revolution rips school for critical race theory.

Mom who survived Mao's cultural revolution rips school for critical race theory.

Xi Van Fleet joins 'Hannity' to tell her story. #FoxNews #Hannity Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC) is a 24-hour all-encompassing news service delivering breaking news as well as ...

Single-mother Erin Brockovich spotlights a water crisis in a California town: Part 1.

Single-mother Erin Brockovich spotlights a water crisis in a California town: Part 1.

Brockovich became a household name after she publicized the water crisis in Hinkley, California. She faced Pacific Gas & Electric in a multi-million dollar lawsuit that eventually inspired a movie.

Despite the movie’s finale, the real town of Hinkley had no happy ending: Part 3.

Despite the movie’s finale, the real town of Hinkley had no happy ending: Part 3.

Residents said they face major health concerns after being exposed to contaminated water. PG&E is continuing its remediation efforts to clean the Hinkley water, but experts say it will take decades.

Erin Brockovich says her background gave her thick skin and determination: Part 2.

Erin Brockovich says her background gave her thick skin and determination: Part 2.

Brockovich faced many challenges in life that shaped her into who she is today. She became a celebrity after actress Julia Roberts played her in a 2000 movie inspired by her life.