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1:55 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) …
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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.
Joe Flint / Wall Street Journal:
Jason Kilar says he expects no long-term negative effects of releasing 2021 movies on HBO Max; sources: Warner Bros. paid $200M+ to appease talent
Associated Press:
Israeli airstrike destroys a high-rise in Gaza City that housed offices of AP and Al-Jazeera, after the military warned people to evacuate the building  —  GAZA CITY, Gaza Strip (AP) — Israel slammed the Gaza Strip with airstrikes, in a dramatic escalation that included bombing the home …
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 …
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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  —  The price change undercuts competing high-fidelity offerings and possibly upcoming plans by Spotify and Apple Music.
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”  —  Following the most recent set of violent military strikes by the Israel Defense Forces that have leveled entire buildings …
Variety:
Investors and analysts including Warren Buffett weigh in on “stupid” stock swings affecting ViacomCBS, Discovery, and AMC Entertainment, plus problematic SPACs  —  There's no better moment to take the pulse of the investment landscape than during the annual shareholders meeting …
Lindsey Ellefson / The Wrap:
Vice News names its news director Michael Learmonth as new EIC, filling a role that has been vacant since 2019  —  Michael Learmonth was named Vice News' new editor in chief Monday, filling a role that has been vacant since 2019.  He was promoted from news director, a job he held since 2016.
Discussion: MediaPost, @katiedrumm and @learmonth
Sarah Krouse / The Information:
Sources: Google's plans to match Apple's ATT changes have been delayed by internal concerns that such moves will diminish mobile ad revenues  —  Pressured by Apple's recent iPhone privacy initiative, Google is accelerating work to limit how app developers can track the 2.5 billion people who use phones powered by its Android software.
 
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 More News: 
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
 Earlier Picks: 
Matt Pearce / Los Angeles Times:
A look at the Ambies, Podcast Academy's annual podcast awards whose nominees across 23 categories were chosen by 100+ members, ahead of its inaugural show
Manish Singh / TechCrunch:
Amazon launches miniTV, an ad-supported free video streaming service that is available within the Amazon shopping app in India
The Intercept:
The Intercept stands by its reporting on Gab and “Riot Squad”, after it was accused of doxxing conservative journalists, says its reporters have been harassed
Jack Crosbie / Discourse Blog:
In internal meeting, CEO Meredith Levien defended NYT's refusal to voluntarily recognize The NYT Tech Guild, saying its members are tech people, not journalists
Paul Volpe / Politico:
Why WaPo likely looked outside its own ranks to hire a female EIC, including a shrinking newsroom before Bezos' takeover, plus structural and cultural issues