Under the terms of the deal, AT&T will spin off entertainment arm WarnerMedia and combine it with Discovery, creating a TV, film and streaming powerhouse. AT&T’s WarnerMedia owns the likes of the Warner Bros. studio, HBO and streaming service HBO Max, as well as the Turner cable networks. Discovery’s reality TV-heavy properties include Discovery Channel, HGTV, TLC, Food Network, OWN and Animal Planet.
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