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AT&T has decided to shed its entertainment assets in exchange for $43 billion and intends to merge them with Discovery into a new entertainment company, the companies announced Monday. The deal, which is expected to close in mid-2022, will still need to be approved by regulators.

The new company will combine streaming services HBO Max, which falls under AT&T's WarnerMedia subsidiary, and Discovery Plus, into a publicly traded parent company that is yet to be named.

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HBO Max will be available for a cheaper price than its top-of-the-market $15 per month in June – as long as you're willing to stomach ads.

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