The Warner-Discovery Merger Proves That Big Is Never Big Enough in the Streaming World

The Warner-Discovery Merger Proves That Big Is Never Big Enough in the Streaming World
Back in 2018, telecom giant AT&T completed its $85 billion acquisition of entertainment conglomerate Time Warner, creating a new entity known as WarnerMedia. WarnerMedia immediately became one of the largest entertainment providers in the world, generating $30 billion in revenue per year and hosting more than 40 million subscribers on streaming service HBO Max.

Now, just three years later, AT&T has apparently decided that WarnerMedia just wasn’t big enough. On Monday, executives at AT&T Inc. and Discovery, Inc. announced a deal that would combine WarnerMedia and Discovery into one entity that will be able to compete with the likes of Disney and Netflix. This new company (71% of which will be owned by AT&T shareholders and 29% of which will be owned by Discovery shareholders) could be valued at as much as $150 billion, which would place the new enterprise just behind Disney in terms of total assets.

This new venture will receive
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