US telecoms giant AT&T has agreed to combine its WarnerMedia business with Discovery in a deal to create a new streaming giant.
The tie-up brings one of Hollywood's biggest studios and Discovery's channels under the same ownership.
AT&T owns CNN, HBO and Warner Bros, after acquiring many brands in a $108.7bn purchase of Time Warner in 2018.
The deal also marks the entry of another player into a crowded market.
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