Despite the lack of hype it gets, Turner is in many ways AT&T’s most important division in WarnerMedia, reporting more operating income in 20 than the other two put together.

The two that everyone loves to talk about are HBO and Warner Brothers, the movie and television studio that produces all of WarnerMedia’s scripted content - including most all of what appears on HBO.Īlmost forgotten in the shuffle is the Turner networks, consisting of all the networks with Turner in their name (TNT and TBS are the most famous) as well as a few others like CNN and Cartoon Network. WarnerMedia consists of essentially three pieces.

But meanwhile, the mere fact that we’re even having this discussion at all means that fuboTV is showing progress on its most important initiative to become profitable - which definitely isn’t sports gambling, and probably isn’t even advertising. That has major implications for AT&T, which owns 71% of WarnerMedia even if the deal goes through and 100% of the division if the deal gets blocked by the DOJ. I’m starting to wonder if fuboTV isn’t, probably inadvertently, sending up a giant warning flare that WarnerMedia might not be worth as much as everyone thinks. As probably every investor and their great-great-grandmother has heard by now, AT&T ( NYSE: T ) is unwinding the last of its (recent) big merger bets and selling WarnerMedia, the old TimeWarner, to Discovery ( DISCA ) ( DISCK ) ( DISCB ) for about $20 billion or so less than they bought it for, depending on how exactly you do the math. I haven’t written on fuboTV ( NYSE: FUBO) since the early part of last year, but as I’ve been on a bit of a media industry writing binge lately, I wanted to put to (digital) paper something I’ve been thinking about more and more the last few months. Edlane De Mattos/iStock Editorial via Getty Images

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