The deal marks a retreat from the blockbuster acquisition announced in 2016 in which AT&T agreed to buy Warner for US$85 billion as part of a move to combine content and distribution. — AFP picWASHINGTON, May 17 — AT&T said today it was spinning off its WarnerMedia unit and combining it with Discovery, creating a new standalone media giant and ending the telecom group's ambition to become a content and delivery powerhouse.
Discovery president chief executive David Zaslav will lead the new company, which will include HBO and its “Games of Thrones” franchise, the Warner Bros library of “Batman” films, and TV channels such as Discovery, Cartoon Network, HGTV, TNT, TBS and Eurosport. The slump in WarnerMedia’s value highlights the changing landscape in media as traditional Hollywood giants lose ground to new streaming players.
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