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The proposed deal could create an entertainment giant to better compete with Netflix Inc (NASDAQ:NFLX) and Walt Disney (NYSE:DIS) Co, the report added.
Both AT&T and Discovery declined to comment.
AT&T is already home to some popular brands in the entertainment business like HBO, HBO Max, CNN and many more through its WarnerMedia division.
HBO and HBO Max now have 63.9 million global subscribers, compared with over 100 million for Walt Disney Co’s Disney+ and 207.6 million for Netflix.
Discovery, whose portfolio includes Animal Planet, HGTV and the Discovery Channel, reaches 88.3 million homes in the United States.
