AT&T bought Time Warner for $85 billion.
AT&T sold Time Warner for $43 billion and some equity.
Paramount is paying $111 billion for Discovery Time Warner.
Meanwhile, AT&T is getting $100 million from the taxpayers for moving out of Dallas. Meaning there may not be enough OPM to also build an arena for an NHL team that is fleeing Dallas.
Warner Bros is the worst run entertainment company in history. That’s a very crowded space considering Disney and Paramount have destroyed all their valuable IPs. They have Harry Potter, DC Comics, Middle Earth, GOT to name a few. Superman, Batman, Wonder Woman are worth more than all of Marvel comics combined. If Paramount can clean house there, and hire someone competent, they could recoup that money on DC comics alone.