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AT&T INC.

(T)
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AT&T in Talks to Combine Media Assets, Including CNN, With Discovery

05/16/2021 | 01:00pm EDT

By Dana Cimilluca, Drew FitzGerald and Cara Lombardo

AT&T Inc. is in talks to combine a big portfolio of media assets, including CNN, with Discovery Inc., according to people familiar with the matter, a deal that would mark a major strategy shift for the telecom giant as the traditional TV business faces prolonged pressure.

The talks, which cover CNN and other parts of AT&T's WarnerMedia division, including the TNT and TBS cable channels, are advanced, and an agreement could be reached by Monday, the people said. Should there be a deal, AT&T shareholders would own a big stake in the new entity, some of the people said. The people cautioned that a deal isn't done yet and the talks could still fall apart. Other details of the potential transaction couldn't be learned.

A deal between WarnerMedia and Discovery, whose portfolio includes its namesake network and HGTV, would further consolidate a media business buffeted by cord-cutting and competition from streaming video.

The talks signal a major pullback by AT&T, which placed a massive bet on media with its 2018 acquisition of Time Warner Inc. for around $81 billion. That deal made it the world's most indebted nonfinancial company.

Bloomberg earlier reported that AT&T was in talks to combine media assets with Discovery.

--Benjamin Mullin contributed to this article.

Write to Dana Cimilluca at dana.cimilluca@wsj.com, Drew FitzGerald at andrew.fitzgerald@wsj.com and Cara Lombardo at cara.lombardo@wsj.com

(END) Dow Jones Newswires

05-16-21 1259ET

Stocks mentioned in the article
ChangeLast1st jan.
AT&T INC. -0.45% 28.65 Delayed Quote.-0.38%
DISCOVERY, INC. 0.07% 29.51 Delayed Quote.-1.93%
DJ INDUSTRIAL -0.21% 33874.24 Delayed Quote.10.91%
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Financials (USD)
Sales 2021 172 B - -
Net income 2021 20 279 M - -
Net Debt 2021 160 B - -
P/E ratio 2021 10,2x
Yield 2021 7,27%
Capitalization 205 B 205 B -
EV / Sales 2021 2,11x
EV / Sales 2022 2,11x
Nbr of Employees 230 760
Free-Float 93,6%
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Technical analysis trends AT&T INC.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 29
Last Close Price 28,65 $
Average target price 32,53 $
Spread / Average Target 13,6%
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Managers and Directors
NameTitle
John T. Stankey President, CEO, COO & Director
Pascal Desroches Chief Financial Officer & Senior Executive VP
William E. Kennard Independent Chairman
David S. Huntley Chief Compliance Officer & Senior Executive VP
Matthew K. Rose Lead Independent Director
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