AT&T confirmed on Monday it has reached an agreement with Discovery to merge its WarnerMedia unit with the New York-based company to take on rivals such as Disney and Netflix.
The merger, which is expected to result in a new company consisted of Discovery's and WarnerMedia's assets, could be valued at $150 billion including debt, the Financial Times said in its estimate.
Stocks of AT&T surged 4.87% in the premarket trading to sell for $33.85 per share, while Discovery soared 16.97% to $41.70 a share.
