T - AT&T fills in details of spin-off in WarnerMedia/Discovery deal

With the WarnerMedia/Discovery (NASDAQ:DISCA) transaction close getting closer, AT&T (NYSE:T) has issued more detail on the spin-off of its media company. AT&T will spin off 100% of its interest in WarnerMedia to its shareholders, effected via a stock dividend. As of the transaction closing, AT&T shareholders of record at the close on April 5 will receive (tax-free) an estimated 0.24 shares of Warner Bros. Discovery (WBD) for each share of AT&T held. Immediately after the spin-off, the WarnerMedia SpinCo shares will be exchanged for stock representing about 71% of the new WBD. After the deal is closed, AT&T shareholders will continue to hold the same number of AT&T common shares they held before the close (along with new shares of WBD common stock). AT&T's share price will adjust to reflect the transfer of the WarnerMedia business. As expected, AT&T also declared a second-quarter dividend in line with its approved post-close

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AT&T fills in details of spin-off in WarnerMedia/Discovery deal