AT&T Inc. is spinning off its WarnerMedia business in a deal with Discovery Communications Inc. as the telecommunications giant refocuses its attention on its wireless business and looks to reduce its debt position ahead of a costly 5G build-out.
The two companies formally announced plans to combine AT&Ts T, -0.87% WarnerMedia business with Discovery Inc.s DISCA, -5.43% entertainment business Monday, a deal that would create a stand-alone media company with greater scale in the streaming ecosystem.
AT&T T, -0.87% will receive $43 billion through the deal and the telecommunications giants shareholders will own 71% of the new company upon the close of the deal, which is expected to occur in mid-2022 while being tax-free to AT&T sharehol…
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