AT&T is to spin off WarnerMedia in a $43 billion transaction to merge its media properties with Discovery and also cut its dividend by nearly half.
AT&T shareholders will own 71% of the new Warner Bros. Discovery company and will receive a 0.24 shares of Warner Bros. Discovery for each AT&T share they own.
AT&T will have 7.2 billion diluted shares outstanding after the transaction closes.
The deal to unwind AT&T's $85 billion purchase of Time Warner was announced early last year, but some financial details were not disclosed until on Tuesday.
comments powered by Disqus
All feeds
