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Since AT&T bought Time Warner in 2018 to compete with Netflix and Disney, the world of streaming video has only gotten more cutthroat.

The telecom giant’s deal with Discovery Inc., announced Monday, marks the latest shift in the remaking of the media industry and the potential beginning of another round of consolidation. An earlier wave three years ago resulted in media mogul Rupert Murdoch leaving Hollywood and Viacom and CBS recombining.

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