AT&T’s WarnerMedia, Discovery combine to create standalone company

AT&T’s WarnerMedia is teaming up with Discovery to form a new standalone company. The deal brings together WarnerMedia’s massive set of assets that include HBO, CNN, TNT and TBS along with Warner Bros and its film and studio business. Discovery’s portfolio includes its namesake and HGTV. Under the terms of the agreement, AT&T would receive $43 billion and WarnerMedia’s retention of certain debt, and AT&T’s shareholders would receive stock representing 71 percent of the new company. AT&T…