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AT & T Spin off and combine With multi-billion dollar contracts with rival Discovery, WarnerMedia has created a programming-intensive media empire to compete with Disney and Netflix in global streaming races.

This move will create the world’s second-largest media company in terms of revenue after Disney. Only three years after AT & T paid $ 85.4 billion to CNN, HBO, and Warner Bros. owners, it reflects the dramatic changes in the traditional US media group trying to transform itself into a streaming service.

Under the proposed partnership, one of Hollywood’s most valuable portfolios, including Warner Bros. Pictures and TV studios, HBO networks, and a portfolio of cable channels including CNN, will integrate with the “real” output of the brand’s Discovery. Will be done. It ranges from sports and wildlife to home renovations.

For the past decade, AT & T has gone beyond the mobile, broadband and wired phone businesses to become a serious Hollywood player. Instead, the two major acquisitions of Time Warner and DirecTV, which were acquired for $ 67 billion in 2014, proved to be millstones. Rex Column says..

Coronavirus digest

  • World Economic Forum have Abandoned the plan Cancel the rally scheduled for August again for the face-to-face annual meeting Singapore..

  • Taiwan Looking Covid surge-19 cases, Approximately 34% of all Covid-19 cases reported in the past week.

  • top notch Indian people Scientists resigned government-appointed Covid-19 task force a few days later Publicly criticize The government of Narendra Modi.

  • US President Joe Biden Announced plans to Export an additional 20m dose Inoculation of Covid-19 vaccine by the end of June.

  • Brussels Throw that weight Behind new pushes to expand vaccine production Africa.. (FT, Reuters)

Follow our latest information Live blog,and sign up for us Coronavirus Business Update Newsletter.

In the news

Israel intensifies its attack on Gaza amid diplomatic stagnation Israeli bombing of Gaza Strip Grow in the second week As Prime Minister Benjamin Netanyahu resisted international efforts to secure a ceasefire.The White House said President Joe Biden had announced “support” Due to a telephone ceasefire with Netanyahu on Monday.Conflict Israeli bonds rattle With those Arab countries it has tentative diplomatic relations, but it may have revived Netanyahu’s Political property.. (FT, AP)

Israeli airstrikes on a building in the Rimaru district of Gaza on Sunday. Israeli forces said the bombing targeted an underground network near the Hamas tunnel © Bashar Taleb / AFP via Getty

According to Gates, a case investigation unrelated to Microsoft’s board exit Bill Gates has was denied Microsoft’s investigation into “intimate relationships” with employees 20 years ago had some influence on his decision to leave the software company’s board last year.

Thousands were evacuated and 16 died as a cyclone struck India At least 16 people were killed Cyclone Taukte It blew off the coastal countries of Kerala, Karnataka, Goa and Maharashtra and later landed in Gujarat. Indian authorities have moved 200,000 people from their homes in case of a storm. (Guardian)

Musk spoof steals $ 2 million in cryptocurrency fraud A scammer impersonating Elon Musk Millions of dollars stolen From US consumers of cryptocurrency fraud as online financial fraudsters are trying to take advantage of the public interest in trading highly volatile cryptocurrencies such as Bitcoin.

Jimmy Lai’s Hong Kong media group is suspicious Hong Kong media company controlled by Jimmy Lai Stop trading stocks on Monday After authorities freeze the assets of democratic activists imprisoned under the National Security Act of the territory. The suspension occurred after Lai and nine other activists pleaded guilty to organizing an “unauthorized rally.”

Indonesian Gojek and Tokopedia agree to merge $ 18 billion Indonesia’s two largest start-ups Agreed to merge This will create a $ 18 billion food delivery, ride-hailing service, and e-commerce group that will reach across Southeast Asia. Separately, JD Logistics, a distribution unit of the Chinese e-commerce group, Up to $ 3.4 billion At this year’s Hong Kong IPO.

China’s corporate bond downgrade accelerates The downgrade of the domestic rating of Chinese corporate bonds More than triple this yearEmphasizes Beijing’s efforts to reduce risk in the country’s $ 17 trillion credit market as a result of some notable defaults.

South Korea vows to act on climate in response to critics South Korea’s climate envoy promised “Bold” policy changes Seoul, one of Asia’s largest greenhouse gas emitters, is under pressure to act less strongly to combat climate change.

The day before

Japan’s growth rate The Japanese economy will grow slower than expected this quarter, growing 4.5%. According to a Reuters poll.. Provisional GDP figures were released on Tuesday. (Reuters)

UK monthly unemployment rate April unemployment data will be released.UK unemployment last month Dropped to 4.9% In 3 months until February.

FT launches Today’s new email About the market and the people and businesses that live and die from it. Written by US financial editor Robert Armstrong, it arrives in your inbox on weekday mornings. sign up To “no hedge”.

What else are you reading

The turmoil of the electric car era Foxconn, Apple’s iPhone maker, is at the forefront of attacks by electronics groups in the automotive industry. Push to EV manufacturing It could also make it easier for Apple, its largest customer, to enter the automotive market.

Netanyahu’s Israeli and Palestinian master plans have failed Israeli Prime Minister Benjamin Netanyahu’s strategy may have increased the threat to his country by inadvertently opening new fronts within Israel itself. Written by Gideon Rachman.. The threat will remain even after the Gaza beating has stopped.

An ominous PR push that connects cybercriminals to CEOs Hackers are increasingly using corporate tools, from “ethical” code to legal terms, to attack the enterprise itself. Cybercrime group Dark Side has issued a statement that is largely read like a standard spokesperson after being accused of using ransomware to shut down a critical US fuel pipeline. Andrew Hill writes.

Year without karaoke Without the vaccine, turning a shared microphone while singing or screaming in a small, poorly ventilated room is as dangerous as getting infected with Covid-19.What do self-proclaimed karaoke lovers share A year without your favorite entertainment Means (FiveThirtyEight)

Inflation: Will Central Banks and Investors Be Nervous? A Summer inflation burst Once the blockades began to be eased, it was inevitable. However, the central banker’s guarantee that price increases were temporary did not calm investors.Investors have a shift Temporary or system change..

Colombia’s social unrest may spread This month’s Colombia is very similar to 2019’s Chile. President Ivan Duque’s “Sustainable Solidarity Law” Prove nothing For residents of one of the most unequal countries in the world.And across the region, the temperament is fraying, Latin American editors write. Michael Stott..

How to avoid returning office creeks After weighing the strengths and weaknesses of future work patterns, Dropbox decided to oppose the hybrid model. It chose a virtual first policy that prioritizes remote work over office. Status-sensitive workers may want to return to the office, which can create a two-tiered workforce. Warn one expert..

© FT montage

Today’s video

Why Internet Freedom Is Threatened Is the dream of free access internet over? FT’s Siddharth Venkataramakrishnan explores how different philosophical, political and social attitudes towards online privacy differ. Creating “splinternet”

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FirstFT: Today’s Top Story | Financial Times

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