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DISCB - AT&T And Discovery: Insights From The Merger Prospectus
Discovery Inc. Series B Common Stock
Discovery has filed the prospectus for its upcoming merger with the WarnerMedia business to be split off from AT&T.
Management projections imply more than a double in Discovery A and C shares from current levels.
AT&T still looks fairly valued based on the current market price of Discovery but has upside if the optimistic projections are realized.
AT&T shareholders should expect around 0.239 shares of Warner Bros. Discovery on average. Each investor's actual allocation will depend on the Exchange Offer outcome.