AT&T’s WarnerMedia exit merger with Discovery completes

AT&T and Discovery have closed the transaction to merge Warner Business Media with Discovery to create a new entertainment entity leveraging all the properties owned by both firms.
The new company is called Warner Bros Discovery and begins trading on the Nasdaq today. AT&T, which owned WarnerMedia, received $40.4 billion in cash and AT&T shareholders received 1.7 billion shares of the new firm, representing 71% of its shares on a fully diluted basis. Discovery’s existing shareh