Discovery Closes In on Acquisition of WarnerMedia

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Discovery, the medium-size media company that began as a small cable network in 1985, is on the brink of something once unthinkable: assuming ownership of a fabled Hollywood company that controls Batman, Harry Potter, “Sex and the City,” “Game of Thrones,” CNN and March Madness.Discovery Inc. and WarnerMedia are expected to complete their megamerger as soon as Friday afternoon, adding a new behemoth to the entertainment industry. The two companies will combine television, movie and news operations that draw revenue of nearly $50 billion, forming one of the biggest media companies in the country.The decision by AT&T, WarnerMedia’s parent company, to spin off its entertainment division and merge it with Discovery — in a deal announced in May — will be felt throughout the media world in the months to come. It could push smaller competitors to hunt for deals to beef up in si …

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