AT&T’s WarnerMedia merges with Discovery to battle streaming giants

(by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

US telecoms giant AT&T has spun off its media arm, WarnerMedia, and merged it with media group Discovery in a major agreement announced today (Monday).

The agreement is structured as a Reverse Morris Trust transaction, a merger with another company that is formulated to be tax-free.

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