After a weekend of build-up, the rumors are true: The AT&T-owned WarnerMedia is teaming up with Discovery, Inc. to form a streaming entertainment super-group.
The Monday morning announcement confirmed that AT&T will receive $43 billion “in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt” as part of the deal, with AT&T shareholders claiming a 71 percent stake in the new business while Discovery shareholders will hold the remaining 29 percent. The money and big picture ownership stakes are the only aspects of the deal at this point that can be defined in clear term (and even the announcement notes that some of the numbers may be subject to change). Read more…
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