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.

If this email was forwarded to you, sign up here for your daily insider's guide to advertising and media.

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.

---

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.

Read the story.

---

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.