AT&T strikes blockbuster $43 billion deal with Discovery to form media giant AT&T strikes blockbuster $43 billion deal with Discovery to form media giant AT&T shareholders will receive stock representing 71% of the new company and Discovery stockholders will own 29% of the new company. Golden Boy, the Spirit of Communication statue, is pictured in the new AT&T Discovery District in downtown Dallas, Tuesday, April 20, 2021. The statue, originally called Genius of Telegraphy, stood atop AT&T's headquarters in New York City decades ago.(Tom Fox / Staff Photographer) 6:36 AM on May 17, 2021 CDT Dallas-based AT&T Inc. agreed to spin off its media operations in a deal with Discovery Inc. that will create a new entertainment company, merging assets ranging from CNN and HBO to HGTV and the Food Network.