WarnerMedia and Discovery are merging to become the second largest media business in the U.S.
AT&T will spin off WarnerMedia and merge it with Discovery, creating the second-biggest media company in the U.S. by revenue.
The merger will combine the likes of CNN, Warner Brothers studios and HBO with reality-based cable channels, including the Discovery Channel, Animal Planet and the Food Network.
The new merged company will be led by Discovery CEO David Zaslav.
It's projected to be valued at more than 100 billion dollars.