AT&T Sets Plan to Spin Off WarnerMedia in $43 Billion Deal
AT&T announced that its board has decided to spin off the telco’s interest in WarnerMedia — rather than structure the media conglom’s divestiture as a split-off.
The transaction will spin off 100% of AT&T’s interest in WarnerMedia to AT&T’s existing shareholders in a pro-rata distribution, followed by the merger of WarnerMedia with Discovery to form a new company, “Warner Bros. Discovery.” The deal is expected to close in the second quarter of 2022; previously, AT&T had targeted “mid-2022″ for the close.
Last week, on AT&T’s Q4 earnings call, CEO John Stankey had left said the board was still on the fence about whether to spin off WarnerMedia (and give AT&T shareholders pro-rata shares in the new Warner Bros. Discovery) or do a split-off (in which they would have the option to exchange AT&T shares for stock in WarnerMedia-Discovery). Stankey told analysts on...
The transaction will spin off 100% of AT&T’s interest in WarnerMedia to AT&T’s existing shareholders in a pro-rata distribution, followed by the merger of WarnerMedia with Discovery to form a new company, “Warner Bros. Discovery.” The deal is expected to close in the second quarter of 2022; previously, AT&T had targeted “mid-2022″ for the close.
Last week, on AT&T’s Q4 earnings call, CEO John Stankey had left said the board was still on the fence about whether to spin off WarnerMedia (and give AT&T shareholders pro-rata shares in the new Warner Bros. Discovery) or do a split-off (in which they would have the option to exchange AT&T shares for stock in WarnerMedia-Discovery). Stankey told analysts on...
- 01/02/2022
- par Todd Spangler
- Variety Film + TV
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