Last month, AT&T announced it was spinning off WarnerMedia in a $43 billion merger with Discovery. While those involved don't expect the deal to close until partway through next year, the proposed entity already has a name. Should Discovery shareholders and federal regulators approve the merger, the resulting union between WarnerMedia and Discovery will be known as Warner Bros. Discovery. Original, we know.
"We love the new company's name because it represents the combination of Warner Bros.' fabled hundred year legacy of creative, authentic storytelling and taking bold risks to bring the most amazing stories to life, with Discovery's global brand that has always stood brightly for integrity, innovation and inspiration," David Zaslav, the CEO of Discovery said in a statement.
AT&T shared it was spinning off WarnerMedia a week-and-a-half before Amazon announced it had agreed to acquire Hollywood studio MGM for $8.45 billion. The two deals represent the latest wave in media consolidation. Spurred by an intensely competitive streaming market and Disney's own $71 billion agreement in 2018 to gobble up 21st Century Fox, companies have spent big to secure content for their platforms.
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