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Stock Alert: Discovery Up 10% On Deal With AT&T To Create Streaming Powerhouse

Discovery, Inc. (DISCK) shares are gaining more than 11 percent on Monday morning trade as AT&T Inc. (T) and Discovery announced a definitive agreement to combine WarnerMedia's premium entertainment, sports, and news assets with Discovery's leading non-fiction and international entertainment and sports businesses.

Discovery shareholders would own 29 percent of the new company. The combined entity will be a premier, standalone global entertainment company.

Under the terms of the agreement, AT&T would receive $43 billion in a combination of cash, debt securities, and WarnerMedia's retention of certain debt, and AT&T's shareholders would receive stock representing 71 percent of the new company.

Currently, Discovery shares are at 33.82, up 10.02 percent on 14,563,251 shares. For the 52-week period, the shares have traded in a range of $17.21-$66.70 on average volume of 10,035,080.

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