U.S. markets closed
  • S&P Futures

    4,243.75
    +7.50 (+0.18%)
     
  • Dow Futures

    33,915.00
    +80.00 (+0.24%)
     
  • Nasdaq Futures

    14,296.25
    +38.00 (+0.27%)
     
  • Russell 2000 Futures

    2,296.70
    +4.20 (+0.18%)
     
  • Crude Oil

    73.08
    +0.02 (+0.03%)
     
  • Gold

    1,783.00
    +5.60 (+0.32%)
     
  • Silver

    26.03
    +0.18 (+0.69%)
     
  • EUR/USD

    1.1927
    -0.0016 (-0.13%)
     
  • 10-Yr Bond

    1.4720
    -0.0120 (-0.81%)
     
  • Vix

    16.66
    -1.23 (-6.88%)
     
  • GBP/USD

    1.3933
    -0.0014 (-0.10%)
     
  • USD/JPY

    110.7450
    +0.1100 (+0.10%)
     
  • BTC-USD

    33,822.60
    +1,001.20 (+3.05%)
     
  • CMC Crypto 200

    809.80
    +15.47 (+1.95%)
     
  • FTSE 100

    7,090.01
    +27.72 (+0.39%)
     
  • Nikkei 225

    28,916.68
    +32.55 (+0.11%)
     
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Discovery Pops On Reports AT&T’s WarnerMedia May Merge With It

·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

By Dhirendra Tripathi

Investing.com – Discovery (NASDAQ:DISCA) shares were up more than 16% in Monday’s premarket after AT&T (NYSE:T) confirmed reports it will spin off its media assets and merge them with the company behind TLC and Animal Planet.

AT&T shares were up too, rising more than 4%.

The merger of AT&T’s WarnerMedia unit with Discovery will create a new streaming giant with a market value of around $150 billion, according to various reports.

WarnerMedia houses HBO, CNN and the Warner Brothers movie studio and accounts for nearly half of AT&T’s $230 billion market capitalization.

Discovery’s unscripted cooking and home refurbishment shows account for a large part of its $18 billion market valuation.

Parting with media assets underscores AT&T’s struggles as it tries to cut its debt of $169 billion and strengthen its 5G network.

The deal could give Discovery ammunition to take on the likes of Netflix (NASDAQ:NFLX) and Walt Disney (NYSE:DIS) in the booming streaming business.

 

Related Articles

AT&T to shed media assets, combine them with Discovery for $43 billion

London office market undergoes makeover to woo post-pandemic workforce: Deloitte