CNN Dodges Risk of MSNBC Tie-Up as AT&T Opts for Discovery (2)

For months, Wall Street has called on AT&T Inc. to shed its media assets, including CNN, arguing that investors prefer companies with a singular focus.

On Monday, AT&T finally relented, announcing that CNN and its corporate siblings will be joining forces with Discovery Inc., home of networks like HGTV, Food Network and TLC.

David Zaslav

Photographer: Patrick T. Fallon/Bloomberg

For CNN, the deal could provide a number of strategic advantages -- and avoids the headaches of a potential combination with Comcast Corp.’s MSNBC. David Zaslav, the current head of Discovery who will lead the new combined company, said Discovery’s global business will ...