Bloomberg News first reported Sunday that talks are ongoing and a deal could be reached as early as this week. The deal would bring together such brands as HBO, HBO Max and CNN with lifestyle powerhouses Food Network and HGTV.
Sources close to the situation suggested that the two sides will look create a joint venture that would house AT&T’s media and entertainment assets along with Discovery’s suite of lifestyle channels. In that scenario, it’s believed that Discovery CEO David Zaslav and WarnerMedia CEO Jason Kilar would both maintain leadership roles, although those details remain sketchy.
There was immediate speculation that any deal between AT&T and Discovery would prompt other bidders to join the fray.