Page 2 - Reverse Morris News Today

AT&T agreed to spin off its media operations in a deal with Discovery that will create a new entertainment company, merging assets ranging from CNN and HBO to HGTV and the Food Network. The transaction values the combined entity at about $130 billion including debt, based on WarnerMedia’s estimated enterprise value of more than $90 billion. AT&T will receive $43 billion in cash, debt securities and debt retention, with its shareholders getting stock representing 71 per cent of the new company...