The companies AT&T and Discovery confirmed on Monday that AT&T would spin off WarnerMedia, which would then merge with Discovery under a new agreement.
AT&T and Discovery aim to complete the transaction by mid-2022, if Discovery shareholders and regulators approve the deal.
In the all-stock transaction, AT&T would receive $43 billion in cash, debt securities, and “WarnerMedia’s retention of certain debt.”
AT&T and Discovery project that the new company would have revenue of about US$52 billion in 2023.
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