Done deal: People walk past an AT&T store on 6th Avenue in New York. AT&T says it is spinning off its WarnerMedia unit and combining it with Discovery, creating an independent firm to take on industry leaders. — AFP
NEW YORK: The media industry’s biggest merger and acquisition (M&A) deal in years started with a text message about golf.
Discovery Inc chief executive officer David Zaslav shot the note to AT&T Inc CEO John Stankey during a weekend in February, bemoaning the fact that Covid-19 would keep them from meeting up at an annual golf tournament in Pebble Beach, California.
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