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AT&T is ditching the media properties it scooped up a few years ago. They'll merge with Discovery's in a new, yet-to-be-named entity.

The bottom line: The deal isn't doesn't just create a massive wrinkle in the streaming wars, but also the connectivity wars as AT&T shifts back to its telecom roots, Axios' Sara Fischer notes.

Here are the numbers behind the deal that creates a new mega-content giant.

22: The number of networks that'll be under one roof.

$20 billion: How much the new business plans to spend annually on content — $3 billion more than Netflix spent all of last year.

-5%: How shares of Discovery ended the day. Shares of AT&T fell 3%.

  • Investors are more confident AT&T will be able to manage its debt load if today's upward bond movement is any signal, the Wall Street Journal notes.

$230 billion: The size of AT&T's massive debt pile that's built up as it veered deeper into media.

$43 billion: How much AT&T said it would get from the deal (a mix of cash and debt). Some of the deal proceeds will go toward paying down the debt.

  • The deal (plus an imminent dividend cut) helps AT&T "reinvest capital into its wireless and fiber business opportunities," per Moody's.

$85 billion: What AT&T paid for Time Warner in 2016 after a contentious antitrust fight. Back then wireless companies wanted to own the pipes and the content. That trend is reversing.

Go deeper

Biden administration will erase student loan debt for people with severe disabilities

Photo: Joshua Roberts/Getty Images

The Biden administration announced Thursday it would erase student loan debt for over 323,000 borrowers who have permanent, severe disabilities and have limited incomes as a result.

Why it matters: The move will effectively eliminate nearly $5.8 billion of student debt.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.