AT&T to Merge Media Business with Discovery, Creating Streaming Giant

AT&T has agreed to spin off its WarnerMedia group and merge it with its rival programmer Discovery, joining two of the largest media businesses in the country, the companies announced Monday.

The deal, which could create a new massive media company valued at around $150 billion, will combine HBO, Warner Bros. studios, CNN and several other cable networks with Discovery’s numerous reality-based cable channels,…