Bloomberg is reporting that the Board of AT&T met on May 16 to discuss acquiring or merging its WarnerMedia division with that of Discovery Communications Holding, LLC. The final outcome of this massive relationship is likely to be dependent on tax implications for Discovery's major shareholder Dr John Malone and his Liberty investment arm. Either way, if the deal progresses it will create a media behemoth and again prove the mantra that 'Content is King'. Discovery's portfolio of channels is already significant and with widespread distribution. Discovery also has an increasing number of free-to-view channels. Discovery also controls television access rights to the Olympic Games.