AT&T is reportedly spinning off its media assets to Discovery

Hi and welcome to Insider Advertising for May 17. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

  • AT&T’s media sale to Discovery.
  • Advertising search consultants.
  • Nike returns to the office.

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Tips, comments, suggestions? Drop me a line at [email protected] or on Twitter at @LaurenJohnson.

AT&T is in deal talks to create a new streaming giant with Discovery

  • AT&T is discussing a deal to split off assets like CNN and HBO and combine them with Discovery, a source told Claire Atkinson.
  • The potential deal, first reported by Bloomberg, would create a new streaming giant better positioned to take on Netflix and Disney. 
  • The prospective tie-up also raises questions about who would run the combined entity.

Read the story.

fizkes/Getty Images

Inside the lucrative and murky world of advertising search consultants

  • Agency searches are ramping up, putting billions of dollars at stake, and highlighting the search consultant’s role, Lindsay Rittenhouse reported.
  • Some consultants perform services for agencies as well as marketers, leading to some criticism.
  • Their role has come under more scrutiny in the pandemic as some hustle for more business from agencies.

Nike CEO John DonahoeBrian Ach/Getty Images for TechCrunc

Nike workers confess excitement and dread as the company plans to require thousands to return to the office

  • Nike will soon require workers in its Beaverton, Oregon, campus to work three days a week in person.
  • Shoshy Ciment spoke with five employees at Nike about their feelings on returning to the office.
  • Most expressed the desire to maintain a hybrid model that allows for in-person and at-home work.

Read the story.

Other stories we’re reading:

  • The secret life of Ian Osborne, the shadowy 38-year-old cofounder of Chamath Palihapitiya’s SPAC who has built the ultimate black book of billionaires (Insider)
  • SPACs are racing against the clock to strike a deal, and some will likely have to settle for a less-than-ideal business to buy (Insider)
  • The Associated Press president says agency ‘narrowly avoided a terrible loss of life’ in Israeli bombing of Gaza media building (Insider)
  • Amazon’s ‘Invincible’ showrunner on the superhero TV landscape and his ideas for potential spinoffs (Insider)
  • Leslie Moonves receives nothing from CBS exit package (New York Times)

Thanks for reading and see you tomorrow! You can reach me in the meantime at [email protected] and subscribe to this daily email here.

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