(ABC4) – Could a new streaming service be coming our way?
There are already numerous streaming services, like Netflix, Disney+, and Hulu, but reports say another could soon be on the market.
Business Insider, Bloomberg, and The Wall Street Journal first reported over the weekend that AT&T – which owns multiple media and entertainment outlets like HBO, TNT, CNN, and Warner Bros. – was discussing with Discovery to combine content assets.
Early Monday morning, AT&T confirmed the deal that combines its content unit WarnerMedia with Discovery, according to release, saying a new company – separate from AT&T – will be formed that will “compete globally in the fast-growing” world of streaming.
“The new company will be able to invest in more original content for its streaming services, enhance the programming options across its global linear pay TV and broadcast channels, and offer more innovative video experiences and consumer choices,” a Monday release reads.
Already, Discovery, which has its own streaming service, Discovery+, hosts popular networks like HGTV, TLC, and the Food Network. AT&T also owns HBO Max.
AT&T reports the company will own nearly 200,000 hours of programming, bringing together over 100 brands like Animal Planet, HGTV, TLC, Cartoon Network, CNN, and more.
The merger still has to be confirmed by federal officials.