AT&T is discussing a merger of WarnerMedia and Discovery Inc., multiple outlets reported on Sunday.
The aim of the proposed merger is to combine both companies into a formidable competitor to Netflix and Walt Disney Co. AT&T is trying to build a vast telecommunications network after acquiring WarnerMedia Inc in 2018.
Talks are still ongoing and a deal could be reached and announced by this week, unless it falls apart, Bloomberg reported. Discovery also had acquired Scripps Networks Interactive Inc. in 2018.
CNBC noted that the reported deal will combine Discovery with all of WarnerMedia and will become a new publicly traded company co-owned by both companies shareholders.
The Hill has reached out to AT&T for comment.