NBC News -AT&T announced on Monday that WarnerMedia and Discovery are merging to become a new company that will immediately become one of the largest U.S. media businesses.
The new company is the result of AT&T spinning off WarnerMedia, which owns a variety of major media properties including CNN, TBS, TNT, Warner Bros. film and television studio and HBO, into a new company. That company is merging with Discovery, which owns Discovery Channel, Animal Planet, TLC, the Food Network and various other media properties.
AT&T will receive $43 billion worth of cash, debt securities and WarnerMedia's retention of debt. The new company will be led by Discovery CEO David Zaslav.
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