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Warner Media ‘Spun Off’ To Discovery
Screenshot Youtube Last week AT&T announced the ‘spin off’ of Warner Media, acquired three years ago in AT&T’s acquisition of Time Warner. The entertainment assets will form a NewCo with Discovery. AT&T will refocus efforts on its core communications business.
Does anyone notice the buried lead in the two paragraphs below from CNBC describing the deal?
Under the agreement, AT&T will unwind its $85 billion acquisition of Time Warner, which closed just under three years ago and form a new media company with Discovery. The deal would create a new business, separate from AT&T, that could be valued at as much as $150 billion, including debt, according to The Financial Times , reported CNBC.
AT&T said it would receive an aggregate amount of $43 billion in a combination of cash, debt and WarnerMedia’s retention of certain debt. AT&T shareholders would receive stock representing 71% of the new company, while Discovery shareholders would own 29%, it added.
Yes, you guessed it — AT&T turned an entertainment powerhouse worth $85 billion into a shell of itself in only three years, worth $43 billion. That must have been hard work!All we have to do is tell […]
Read the whole story at creativedestructionmedia.com
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