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Hi! I'm Zach, the Editor-in-Chief here at The Cinema Spot. The TCS team and I are always hard at work to put out the best content we can, and we're even developing a few new features! Be sure to keep an eye out for the latest contests, daily news articles, comprehensive reviews, and more!

Earlier today it was reported that AT&T, owners of WarnerMedia and its subsidiaries, and Discovery, the owners of unscripted network shows such as Property Brothers, were in advanced talks for a merger. A merger with AT&T would have been a godsend for Discovery, whose fledgling streaming service Discover+, relied heavily on the companies unscripted content. Now, the Los Angeles Times is reporting that, rather than a merger, AT&T will be spinning off WarnerMedia and all of its entertainment assests, in a new venture with Discovery.

The move comes only three years after AT&T broke into Hollywood with a massive buyout of the legendary Warner Brothers for $85 million. Faced with theater closures, an inconsisten plan, and massive expenses in the telecommunication world, AT&T has found their adventure into Hollywood at an end.

While not yet officially reported, the LA Times’ sources claim that the deal could be announced as early as Monday, and no details of the buyout have been stated as of yet. The deal also has to be approved by the federal regulators, similar to Disney‘s purchase of the 21st Century Fox back in 2019.

It is expected that Discovery’s CEO David Zaslav will head up the newly formed company, while a source of the LA Times close to CNN’s President Jeff Zucker could backtrack on his statements from earlier this year and stay with Zaslov in charge. The two executives have a long history together, and the source says Zaslov’s involvement could sway Zucker’s decision to stay.

AT&T had recently been rumored to sell off the comic side of DC Entertainment, one of the Big Two of the comics world. As the rumors said, AT&T was less interested in the comics medium as their interests lied almost exclusively with the live action and animated property rights of the comic book characters. With the new Discovery deal, the future of DC Comics, and DC Films, could shift once more.

What do you think of the deal? Let us know in the comments below! And be sure to follow The Cinema Spot on Twitter (@TheCinemaSpot) and Instagram (@thecinemaspot_) to stay up to date on the latest news as the deal progresses!

Source: LA Times

+ posts

Hi! I'm Zach, the Editor-in-Chief here at The Cinema Spot. The TCS team and I are always hard at work to put out the best content we can, and we're even developing a few new features! Be sure to keep an eye out for the latest contests, daily news articles, comprehensive reviews, and more!

Zach Smith

About Zach Smith

Hi! I'm Zach, the Editor-in-Chief here at The Cinema Spot. The TCS team and I are always hard at work to put out the best content we can, and we're even developing a few new features! Be sure to keep an eye out for the latest contests, daily news articles, comprehensive reviews, and more!

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