By: Economic & Finance Report

Telecommunications juggernaut AT&T (T) announced that they will me spinning off their WarnerMedia (WMG) entity; after WarnerMedia (WMG) merged with Discovery (DISC). AT&T (T) shareholders will own 71% of WarnerMedia (WMG).

AT&T (T) will pay $1.11 dividend share, for the deal to complete. The transaction will assist in AT&T (T) reduction of debt that it has amassed over the years. WarnerMedia (WMG) will be focused on streaming and digital services, while it’s trying to compete with other streaming and digital platforms, such as Netflix, Hulu, Disney+. -SB

Image Source: PR Newswire

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