AT&T (
NYSE:T) is spinning off its WarnerMedia unit and merging it with media company Discovery (
NYSE:DISCA). In a restructuring move, AT&T is combining WarnerMedia with
Discovery to form a new publicly traded media company. The transaction
will generate $43 billion for AT&T in cash and debt.
AT&T
shareholders will own 71% of the combined company, while Discovery
shareholders will receive a 29% stake in the new company.
If all goes as planned, the transaction will close in mid-2022, and
Discovery President and CEO David
Zaslav will lead the combined company.
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