Discovery Stock $DISCA is up 20% so this year with the merger with AT&T's WarnerMedia $T is expected to take place in 3 months.
Discovery $DISCA has only a market cap of $13 billion, compared to $600 billion for Disney $DIS and Netflix $NFLX combined but Discovery in the trailing twelve months had more Free cash flow than these two combined. Discovery is a factual TV network and they are able to have higher margins compared to competitors.
The merger with Warnermedia will create a company owning CNN, WarnerBros studio, DC network, Eurosport, Discovery Channel, the Food Network, HBO, and more. Discovery shareholders are going to own 29% of the new company.
The stock is doing so well right now as the IRS gave the approval for the Reverse Morris Trust transaction (which is to lower taxes).