AT&T has announced a massive deal to combine WarnerMedia's entertainment, sports, and news businesses with Discovery to create what it's calling a "premier, standalone global entertainment" company. AT&T's WarnerMedia and Discovery were previously rivals.
Under the terms of the deal, which was announced Monday, AT&T is getting paid $43 billion. Discovery's shareholders will own 29% of the newly formed company.
AT&T said in a press release that the deal will help create shareholder value in a number of ways and that, overall, the new company will reach revenue of $52 billion in 2023. The deal brings together the "strongest leadership teams, content creators, and high-quality series and film libraries in the media business," AT&T said. This deal will also "accelerate" the rush to direct-to-consumer streaming, globally, AT&T said.
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