Unsurprisingly, AT&T has figured out that it has no business being in the content business. It plans to merge its WarnerMedia business with Discovery. David Zaslav will head the newco.

When AT&T acquired Time Warner in 2018, several senior executives on the Time Warner side left the company. The reorganization put a bunch of telephone company execs in charge; once that rubicon was crossed, today’s announcement was only going to be a matter of time.

Studios are 100 percent about relationships. The brain drain doomed AT&T’s plans from the start. Add in AT&T’s “looks good on paper” content and streaming strategy, and that’s how you get to today.

Discovery is one of the best-run content companies in the world. This merger not only looks good on paper — it’s going to be great IRL.