A long awaited streaming merger between Warner Media and Discovery has now closed

The multi-million dollar deal is all part of plans to create a top-scale media empire and streaming contender.

The merger will also seperate Warner Media from its current corporate parent AT&T telecom, which currently owns Warner.

The current CEO of WarnerMedia is now set to resign however remains confident in the company’s future, telling CNBC that “the consumer always gets to make the decision” and that decisions are made based on changing consumer needs.

AT&T’s statement:

Warner Bros. Discovery will create and distribute the world’s most differentiated and complete portfolio of content, brands and franchises across television, film and streaming. The new company combines WarnerMedia’s premium entertainment, sports and news assets with Discovery’s leading non-fiction and international entertainment and sports businesses, including Discovery Channel, discovery+, Warner Bros. Entertainment, CNN, CNN+, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies and others.

Executives are excited that the transaction is now complete.

“Today’s announcement marks an exciting milestone not just for Warner Bros. Discovery but for our shareholders, our distributors, our advertisers, our creative partners and, most importantly, consumers globally,” Said David Zaslav, Warner Bros Discovery new CEO 

Executives from Discovery are set to hold a media conference this week to explain how the merger will impact consumers.