As if the rumored purchase of MGM by Amazon wasn’t a big enough shift in the media industry, AT&T has announced that it will be spinning off its media business WarnerMedia, which includes HBO, into a new company that will merge with Discovery. Once regulators sign off on the merger, the new unnamed company will be in control of media properties such as HBO, CNN, TBS, TNT, Discovery Channel, Food Network, TLC, HGTV, and many more. It will be the second-largest media company in terms of revenue, second only to Disney.