Discovery stock has jumped 18% in premarket trading on news the company is merging with spun-off WarnerMedia.AT&T, which is spinning off its entertainment brand, is up 5%.Early Monday, AT&T announced it was spinning off WarnerMedia into an independent company that will merge with Discovery Inc.
Per the companies, the all-stock deal will create an entertainment juggernaut that seeks to rival Netflix and Disney, and puts the likes of Warner Bros., CNN, Turner and Discovery’s stable of non-fiction networks under one roof — as well as two competing streaming services, Discovery+ and HBO Max.
It also combines WarnerMedia’s U.S. sports rights like the NBA, MLB and March Madness with Discovery international sports giant Eurosport.The transaction,.
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