Discovery and WarnerMedia have closed their megamerger, adding a new behemoth to the entertainment industry, The New York Times reported. The two companies will combine television, movie and news operations that draw revenue of nearly $50 billion, forming one of the biggest media companies in the country.
The decision by AT&T, WarnerMedia’s parent company, to spin off its entertainment division and merge it with Discovery — in a deal announced in May — will be felt throughout the media world in the months to come. Rivals like Netflix, Disney, Amazon and Apple now have a new ferocious competitor for streaming dominance.
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