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Citi upgrades Discovery to buy, says potential deal with AT&T is smart for both sides

David Zaslav

Anjali Sundaram | CNBC

A deal with AT&T will give Discovery the scale and firepower to be a major player in the streaming video industry, according to Citi.

AT&T said on Monday it will merge its WarnerMedia business, which includes HBO, with Discovery to create a new stand-alone company.

Citi analyst Jason Bazinet upgraded Discovery to buy from neutral, saying in a note to clients on Monday that the deal is appealing for shareholders of both companies.

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