Latest AT&T customer news: WarnerMedia-Discovery deal: AT&T gets favorable IRS ruling

From Los Angeles Times:

AT&T said it received a “favorable” ruling from the IRS, signaling that the deal to combine WarnerMedia with Discovery would be tax -free for shareholders.

The $43 billion union would put brands such as HBO, CNN, Animal Planet and Food Network under a new publicly traded company called Warner Bros. Discovery.

AT&T will spin off WarnerMedia, exiting the entertainment business as part of the transaction. Its shareholders would own 71% and Discovery shareholders 29% of Warner Bros. Discovery. The deal is expected to close mid-2022.

“The transactions are expected to be tax-free to stockholders of the Company for U.S. federal income tax purposes, except to the extent that cash is paid to stockholders of the Company in lieu of fractional shares in the Distribution or the Merger,” AT&T disclosed in a filing with the U.S. Securities and Exchange Commission this week.

Continue reading WarnerMedia-Discovery deal: AT&T gets favorable IRS ruling on Los Angeles Times

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