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The agreement was for a total of approximately $23 billion, subject to certain adjustments. The transaction is expected to close in mid-2026.

Discovery completed its US$43 billion acquisition of WarnerMedia from AT&T, officially giving birth to a new company called Warner Bros. Discovery.

In its fourth-quarter results, AT&T disclosed total global HBO Max and HBO subscribers of 73.8 million, up 13.1 million year over year, while domestic subscribers were 46.8 million, up 5.3 million for full year.

In a letter, 30 Democratic members of the US Congress said the proposed consolidation “raises significant antitrust concerns” and warranted increased scrutiny from the US Department of Justice’s antitrust division.

Both groups announced a definitive agreement to combine WarnerMedia’s assets with Discovery's nonfiction and international entertainment and sports businesses to create a premier, standalone global entertainment company.