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Photo: Robert Alexander/Getty Images

AT&T is wasting no time building its big Netflix competitor, which it hopes will be the anchor of its media business, WarnerMedia (formerly Time Warner).

Why it matters: Executives believe that a Netflix-like subscription video platform, that includes evergreen content in a library of franchise-driven titles, will be the driver of WarnerMedia’s success as WarnerMedia is now one of the four core pillars of AT&T’s business.

What's happening: Over the past two weeks, WarnerMedia has shut down three digital video services that catered to niche audiences.

  • FilmStruck, Turner’s indie subscription video service that launched in 2016
  • Super Deluxe, Turner’s comedy-centric digital turned TV studio that was first acquired in 2006, folded into Adult Swim, and then revitalized in 2015
  • DramaFever, Warner Bros.’ streaming-video service specializing in Korean dramas and Asian programming

Why it matters: Executives believe that a Netflix-like subscription video platform, that includes evergreen content in a library of franchise-driven titles, will be the driver of WarnerMedia’s success. (WarnerMedia is now one of the four core pillars of AT&T’s business.)

The big picture: AT&T CEO Randall Stephenson has said that capital reallocation is a part of the company’s strategy to boost its streaming efforts.  

  • Positive earnings suggest that WarrnerMedia is doing well in its early days under the AT&T umbrella. But it still has a long way to goin consolidating its services enough to be able to foot the bill for streaming empire. 

Go deeper: Verizon vs. AT&T: A tale of two media investments

Go deeper

Updated 3 hours ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate will now work through votes on a series of amendments that are expected to last overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.