WarnerMedia, Discovery combine to form new leader in global entertainment space By IANS | 0 Views WarnerMedia, Discovery combine to form new leader in global entertainment space.. Image Source: IANS News New Delhi, May 17 : AT&T and Discovery on Monday announced a definitive agreement to combine WarnerMedias premium entertainment, sports and news assets with Discovery's leading nonfiction and international entertainment and sports businesses to create a premier, standalone global entertainment company. Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia's retention of certain debt. AT&T's shareholders would receive stock representing 71 per cent of the new company; Discovery shareholders would own 29 per cent of the new company.