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AT&T announced that its board has decided to spin off the telco’s interest in WarnerMedia — rather than structure the media conglom’s divestiture as a split-off. The transaction will spin off 100% of AT&T’s interest in WarnerMedia to AT&T’s existing shareholders in a pro-rata distribution, followed by the merger of WarnerMedia with Discovery to form a new company, “Warner Bros. Discovery.” The deal is expected to close in the second quarter of 2022; previously, AT&T had targeted “mid-2022″ for t

AT&T will spin off its interest in WarnerMedia to its shareholders at the closing of the previously announced merger between WarnerMedia and Discovery, Inc., giving AT&T shareholders 71% of the new Warner Bros. Discovery company