The deal sees AT&T’s WarnerMedia to be merged with Discovery. The new entity, Warner Bros. Discovery, will combine HBO Max and Discovery Plus in international markets. $T shareholders are said to recieve an estimated 0.25 shares in the new company for each share held. AT&T ($T) shareholders will hold 71% of the shares and Discovery ($DSCA) holders will own 29%. The deal is estimated at around $43B.