![]() ![]() The Boards of Directors of both AT&T and Discovery have approved the transaction. Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt, and AT&T’s shareholders would receive stock representing 71% of the new company Discovery shareholders would own 29% of the new company.
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