AT&T announces spin off with Discovery Inc.
AT&T has announced plans to spin off its WarnerMedia division and merge them with Discovery Inc., in a multi-billion dollar deal. Discovery Inc, which has global operations, will control 29 per cent of the new business.
In a public statement, AT&T CEO John Stankey said, "This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms".
The transaction is anticipated to close in mid-2022, subject to approval by Discovery shareholders and customary closing conditions, including receipt of regulatory approvals.