Discovery’s portfolio includes HGTV, which airs ‘Property Brothers: Forever Home.’



Photo:

HGTV

AT&T Inc.


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is in talks to combine a big portfolio of media assets, including CNN, with

Discovery Inc.,


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according to people familiar with the matter, a deal that would mark a major strategy shift for the telecom giant as the traditional TV business faces prolonged pressure.

The talks, which cover CNN and other parts of AT&T’s WarnerMedia division, including the TNT and TBS cable channels, are advanced, and an agreement could be reached by Monday, the people said. Should there be a deal, AT&T shareholders would own a big stake in the new entity, some of the people said. The people cautioned that a deal isn’t done yet and the talks could still fall apart. Other details of the potential transaction couldn’t be learned.

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