AT&T Exits the Media Business by Merging WarnerMedia With Discovery To Create A New Media Giant
AT&T and Verizon, which have a combines market share of > 75% of the US wireless business, decided to invest heavily in media companies to provide the ultimate platform for the consumer by combining content with technology. Both companies failed miserably and have exited content; AT&T got rid of WarnerMedia by merging it with Discovery and Verizon practically gave up on its investment in Yahoo and AOL. Verizon lost `$10B and AT&T has $100B in debt.
Warner has a long history of mergers, acquisitions and sales and the following graphic shows the range of relationships it has entered into. Given the nature of the beast, it is not likely to be the end of its dealings.