Shares of Warner Brothers Discovery rose during Monday's down session, while AT&T plunged more than 18%.Under the terms of the agreement, which was structured as a Reverse Morris Trust transaction, AT&T received $40.4 billion in cash and WarnerMedia’s retention of certain debt at Friday's close. Additionally, AT&T shareholders received 0.241917 shares of WBD for each share of AT&T common stock they held at close.
In total, AT&T shareholders received 1.7 billion shares of WBD, representing 71% of WBD shares on a fully diluted basis. Discovery’s existing shareholders own the remainder of the new company.AT&T CEO John Stankey said that Discovery is "well positioned to lead the transformation that’s taking place across media and entertainment, direct-to-consumer distribution and technology.
Source: News Formal (newsformal.com)
Looks like we can chalk up Truth Social on Trump’s long list of business disasters. $dwac TruthSocial
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