Why Are Discovery And AT&T Trading Higher Today?

Discovery, Inc. DISCA and AT&T Inc. T shares are trading higher after the companies announced they're in talks to merge their media assets.

AT&T owns CNN, HBO, Cartoon Network, TBS, TNT and the Warner Bros. studio. Discovery owns networks including HGTV, Food Network, TLC and Animal Planet.

Discovery is the one of the largest global media providers with over 2 billion cumulative subscribers in over 220 countries.

Discovery's stock was trading 15% higher premarket at $40.97 per share. The stock has a 52-week high of $78.14 and a 52-week low of $19.07.

AT&T's stock was trading 3.5% higher premarket at $33.35 per share. The stock set a new 52-week high of $33.35 and has a 52-week low of $26.35.