CNN’s John Berman Calls AT&T Spinning Off Media Assets — Including CNN — a ‘Stunning Retreat’

 

CNN’s John Berman was shocked by AT&T’s “stunning retreat” in light of a reported deal reached to spin-off WarnerMedia assets and combine it with Discovery for a new standalone company.

CNN is included in the deal since the new entity will consist of Turner Broadcasting’s properties and other major assets like HBO and Warner Brothers. Brian Stelter joined Berman on New Day to break this down, explaining that this will result in a major platform once the deal actualizes over the coming year, which could have a profound impact on the streaming market.

We are starting to see a re-bundling in the same way that the streaming wars have caused an unbundling. People are now signing up for two or three or four services. Discovery and WarnerMedia want to make sure this company is in that mix. Discovery’s boss, David Zazlav, will run this new, combined company. It will include CNN as well as all of those entertainment assets that I’ve mentioned.

Stelter noted that the move seems to mean that AT&T is backing away from the deal they made 5 years ago to acquire Time Warner.

“Well this is a stunning retreat from AT&T,” Berman said. “AT&T got in big to the entertainment business and to direct TV in Time Warner and now getting out.”

Stelter followed by remarking that this is the “unwinding” he previously spoke of since AT&T is focusing on wireless and broadband.

Watch above, via CNN.

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