Entertainment
New Streaming Platform: tough time for Netflix, Disney
AT&T—American multinational conglomerate the company announced a $43 billion deal to merge its media business, WarnerMedia with Discovery—American multinational pay television network and flagship channel paving the way to launch a new streaming giant.
The US telecom giant, AT&T owns CNN, HBO and Warner Bros. The tie-up will bring together one of Hollywood's biggest studios and Discovery's channels under the same ownership.
"This agreement unites two entertainment leaders with complementary content strengths and positions the new company to be one of the leading global direct-to-consumer streaming platforms," said AT&T chief executive John Stankey.
The deal will create a separate business following the launch of a new streaming platform that will compete with Netflix and Disney.
WarnerMedia-owned HBO and HBO Max now have around 64 million subscribers worldwide.
It is currently dwarfed by larger rivals Netflix, which has 208 million subscribers, and Disney+, which has more than 100 million.
Discovery, which owns several channels including Animal Planet and the Discovery Channel reaches more than 88 million US homes, while its Discovery+ streaming service, which launched in January, has 15 million subscribers.
Under the terms of the deal, AT&T will receive $43 billion and its shareholders will own 71 per cent of the new company, while Discovery shareholders will hold 29%.
-
Technology 1 day ago
Qualcomm strong-arms its way into Windows laptops this summer
-
Pakistan 2 days ago
CM Punjab gives Rs2.5mn cheque to family of guy hit by her protocol convoy
-
Entertainment 1 day ago
Actor Madiha Rizvi remarries after 1.5 year of divorce
-
Pakistan 2 days ago
Imran Khan nominates Hamid Raza as chairman PAC
-
Pakistan 20 hours ago
Saad Rafique terms Ali Amin’s threat as serious matter
-
Pakistan 2 days ago
After President’s visit, Pakistan-Iran joint declaration issued
-
Pakistan 20 hours ago
Senior commanders meet families of martyred customs officials
-
Pakistan 2 days ago
Punjab govt approves ‘Apna Ghar’ project