Commercial launch of new media giant Warner Bros. Discovery
Shares of new media giant Warner Bros. Discovery, the $43 billion combination of Discovery and AT&T spin-off WarnerMedia, began trading on Monday.
The expanded company combines famed movie studio owner Warner Bros., television networks such as CNN, HBO and streaming service HBO Max, with Discovery Inc., the parent company of networks that focus on reality television like HGTV and its own streaming service. , Discovery+. The deal was closed on Friday.
Last year, AT&T Inc. decided to spin off WarnerMedia as the company unwound its entertainment-focused deals of the past few years and focused on phone and internet services.
Discovery CEO David Zaslav leads the combined company, and changes are already expected, such as offering Discovery+, HBO Max and an all-new cable newscaster, CNN+, as a bundle. , or even the merging of services into a single application. Disney, a major rival, says the bundled approach has helped it attract and retain streaming subscribers as entertainment companies have launched a slew of deals meant to rival Netflix.
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