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AT&T’s WarnerMedia and rival Discovery to create global streaming giant – Financial Times

David Zaslav to lead new empire with enterprise value of about $132bn and one of Hollywood’s most prized catalogues

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AT&T has agreed to spin off and combine WarnerMedia with its rival Discovery in a multibillion-dollar deal to create a media empire that has the programming heft to compete with Disney and Netflix in a global streaming race.
The move will create the second largest media company in the world by revenue after Disney. It comes just three years after AT&T paid $85.4bn for the owner of CNN, HBO and Warner Bros and reflects the break-neck pace of change for traditional US media groups attempting to reinvent…

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