Discovery and WarnerMedia merge, creating one of the largest U.S. media companies

AT&T announced on Monday that WarnerMedia and Discovery are merging to become a new company that will immediately become one of the largest U.S. media businesses.

The new company is the result of AT&T spinning off WarnerMedia, which owns a variety of major media properties including CNN, TBS, TNT, Warner Bros. film and television studio and HBO, into a new company. That company is merging with Discovery, which owns Discovery Channel, Animal Planet, TLC, the Food Network and various other media properties.