AT&T spins off WarnerMedia in merger with Discovery that will create one of the largest U.S. media companies and a new streaming giant

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May 17, 2021 AT&T spins off WarnerMedia in merger with Discovery that will create one of the largest U.S. media companies and a new streaming giant AT&T announced on Monday that WarnerMedia and Discovery are merging to form a new company that will immediately become one of the largest U.S. media businesses. The deal allows AT&T to undo one of the largest media acquisitions in history as Netflix and Disney emerge as the dominant players in the streaming market. Read More Get the NBC News Mobile App Follow NBC News Check out all of NBCNEWS Newsletters here. Update Preferences | Unsubscribe | Contact | Privacy Update Preferences Unsubscribe Contact Privacy