Technology

AT&T opts for WarnerMedia spinoff in Discovery merger, cuts dividend

AT&T opts for WarnerMedia spinoff in Discovery merger, cuts dividend

AT&T Inc (T.N) said on Tuesday it will spin off WarnerMedia in a $43 billion transaction to merge its media properties with Discovery Inc (DISCA.O) 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.

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