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AT&T Spins Off Media Biz

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May 17, 2021, 10:15 AM   by Rich Brome   @rbrome

AT&T is shedding its WarnerMedia division, which includes HBO, CNN, DC Comics, Warner Brothers, TBS, TNT, and Cartoon Network. In a complex deal, WarnerMedia will leave AT&T and merge with Discovery, Inc., to form a new media company. AT&T will receive $43 billion as part of the transaction. AT&T says the deal will create an opportunity for "stepped-up investment in growth areas", including mobile broadband. AT&T completed its purchase of Time Warner three years ago. Verizon sold its media division two weeks ago.

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