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.

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Tips, comments, suggestions? Drop me a line at LJohnson@insider.com 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 LJohnson@insider.com and subscribe to this daily email here.