The Hobbit

US telecoms behemoth AT&T is close to reaching a deal with Discovery to create a $150 billion (€124 billion) streaming platform to compete with the likes of Netflix, Disney and Amazon, according to reports.

The proposed merger would bring one of Hollywood’s largest studios and the media house responsible for internationally popular offerings like Animal Planet and the Discovery Channel together for a separate streaming offering.

AT&T’s portfolio of brands includes HBO, CNN, and Warner Bros.

The expected deal will mark yet another player enter the streaming market, where AT&T’s WarnerMedia-owned HBO and HBO Max continues to beaten out by Netflix and Disney+, failing to reach the massive subscriber numbers its competitors record.

The merger would create a new business, separate from AT&T, which will be hoped to help reduce the company’s steep debt obligations.

The world’s largest telecoms company by revenue, AT&T acquired Time Warner in 2018, for $108.7 billion (€89.54 billion), before committing vast resources to the expansion of its wireless services, dramatically increasing its debt burden.

According to people familiar with the matter, cited by CNBC, the deal could be announced as early as Monday, though talks are ongoing, and could still collapse.

AT&T shareholders would own the majority of the economics and voting power in the new company, according to CNBC’s report, though the exact split could not be determined.

Featured Image:


office party

Man in France wins the right to not be ‘fun’ and ‘promiscuous’ at work

November 29, 2022
by Arnas Lasys

The man was fired in 2015 for refusing to participate in after-work drinks and team-building activities

Toyota Malta launches 10-year warranty car care service

November 8, 2022
by BN Writer

All Toyota models qualify as long the age and mileage criteria are met, including passenger cars, light commercial vans and ...

€45 million wooden sailing ship to dock in Malta as it retraces historic voyage to China

September 6, 2022
by Robert Fenech

The 18th century replica took 10 years to build