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10:05 PM ET, May 17, 2021

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 Top News: 
Brian Stelter / CNN:
AT&T to spin off WarnerMedia and combine it with Discovery in a $43B deal; the new company will be run by Discovery CEO David Zaslav  —  New York (CNN Business)The streaming TV race is about to get even more competitive.  —  On Monday morning AT&T (T) and Discovery, Inc. (DISCA) …
Discussion: The Wrap, New York Times, New York Times, Los Angeles Times, Washington Post, Axios, Variety, CNN, Hollywood Reporter, The Wrap, Los Angeles Times, @sherman4949, Wall Street Journal, MediaPost, @frankpallotta, @claireatki, Variety, Discovery, Inc., The Information, The Streamable, Mediaite, Insider, Forbes, Variety, @pkafka, Bloomberg, CNBC, Ad Age, @sherman4949, @sherman4949, @richlightshed, @sherman4949, Fast Company, Variety, @senblumenthal, @sherman4949, Den of Geek, @kerrymflynn, @nichcarlson, @benyt, @digitalshields, @sherman4949, Scrawler, @lucas_shaw, @karaswisher, Observer, @karlbode, @loudmouthjulia, @sherman4949, @brianstelter, @pkafka, @mbgelman, @dylanbyers, @erikdavis, ScreenRant, @ditzkoff, @lucas_shaw, @frankpallotta, Digiday, @cgasparino, @mattdraperyt, @edmundlee, IndieWire, /Film, @backlon, @sherman4949, @pkafka, @lucas_shaw, @jackmirkinson, @brazilbrian, FierceVideo, @thetruebrendanf, Light Reading, @oliverdarcy, @zakiscorner, @cgasparino, @nycsouthpaw, @hblodget, @jeremymbarr, @loudmouthjulia, @cnbc, @loudmouthjulia, @carnage4life, @keithboykin, @lucas_shaw, @loudmouthjulia, @alexweprin, @sadogre, @panzer, @sivavaid, @gracerandolph, @mims, @jimwaterson, @jbflint, @kerrymflynn, @awallenstein, @sarafischer, @dylanbyers, @rakeshlobster, @richlightshed, @brianstelter, @magsvisaggs, @gadyepstein, @brianstelter, @w7voa, @thatjakepc, @andrearene, @lucas_shaw, @jasonlynch, @scottporch, @sherman4949, ZDNet, The Week, Protocol, AppleInsider and Adweek, more at Techmeme »
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Brooks Barnes / New York Times:
Sources: Jason Kilar is negotiating his departure as CEO of WarnerMedia, after being kept in the dark about the deal with Discovery until recent days  —  Jason Kilar has hired a legal team to negotiate his departure as chief executive of WarnerMedia, according to two people briefed on the matter.
Hollywood Reporter:
John Stankey and David Zaslav discuss their vision for the WarnerMedia deal, saying the company will have a content spend that exceeds most competitors at $20B  —  AT&T chief John Stankey and Zaslav, who will lead the new venture, also addressed the status of WarnerMedia CEO Jason Kilar and the future of CNN.
The Information:
Source: Amazon is in talks to acquire MGM, in what would be its biggest move to expand into entertainment  —  Amazon is in discussions to acquire MGM, said a person familiar with the situation, in what would be the ecommerce giant's biggest move yet to expand in entertainment.
Jeremy Fuster / The Wrap:
Former Hollywood Reporter editor Matthew Belloni has become a founding member of a new media company that has raised $7M and aims to launch this summer  —  Matthew Belloni, former Editorial Director at The Hollywood Reporter, has joined as a founding partner for a new media company that will cover politics …
Apple:
Apple says it will bring lossless audio to all Apple Music subscribers for free and will support Spatial Audio with Dolby Atmos, available from June  —  The next generation of sound on Apple Music is coming to subscribers June 2021 at no additional cost  —  CUPERTINO, CALIFORNIA Apple today …
RELATED:
Micah Singleton / Billboard:
Amazon Music HD is now available to Amazon Music Unlimited subscribers for free, effectively cutting the Hi-Fi service's price from $14.99 to $9.99 per month
Alexandra Bruell / Wall Street Journal:
NBCUniversal is acting as a power broker between stars and advertisers as part of its upfronts, hoping its pull with talent will help it strike bigger deals  —  Comcast unit is pitching broad partnerships with stars during this year's TV-ad-buying ritual, hoping its pull with talent helps it strike bigger deals
Washington Post:
Researchers detail a sprawling disinformation network in the US, including media websites such as GTV, that's pushing falsehoods about COVID-19 and the election  —  Guo Wengui, living in self-exile in New York City, is at the center of a digital web pushing election and covid falsehoods, according to Graphika research
Charlotte Tobitt / Press Gazette:
British GQ editor Dylan Jones departs after 22 years in the role; GQ to be led globally by American GQ editor Will Welch, as Conde Nast merges editorial teams  —  British GQ editor Dylan Jones is leaving the men's lifestyle magazine after 22 years at the helm.
Discussion: MediaPost
 
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 Earlier Picks: 
Todd Spangler / Variety:
DVD rental and streaming company Redbox is going public via SPAC in a deal that values the combined company at $693M; Redbox had earnings of $114M in 2020
Discussion: The Verge and The Wrap
Zack Zwiezen / Kotaku:
After publishing and removing an article listing Palestinian charities, IGN says it didn't mean to make it seem “we were politically aligned with one side”
Variety:
Investors and analysts including Warren Buffett weigh in on “stupid” stock swings affecting ViacomCBS, Discovery, and AMC Entertainment, plus problematic SPACs
The Daily Beast:
Unlike many in the media, MSNBC's Mehdi Hasan and Ayman Mohyeldin are granting airtime to Palestinians instead of heavily relying on Israeli government accounts