With such a large menu of profitable cable networks the company can build a cash hoard to fuel the newer streaming business, which still needs time to gain enough customers to become profitable.
New York | Just three years after it thundered into Hollywood with grand visions of streaming video on millions of its customers’ mobile phones, AT&T is making a stunning retreat with plans to spin off WarnerMedia and merge it with Discovery.
The blockbuster deal, announced late on Monday (AEST), will put CNN and the HBO hit Succession in the same corporate family as the reality television shows Flip or Flop and 90 Day Fiance. It will create the second-biggest media company in the country, by revenue, with a sprawling business that touches on streaming entertainment, movies, sports and cable news.
