AT&T will combine its sprawling WarnerMedia division with Discovery, unwinding the telecom giant’s signature bet on media
The new business, which isn’t yet named, will be led by current Discovery Chief David Zaslav. The companies said AT&T’s Jason Kilar will retain his title as WarnerMedia CEO. AT&T shareholders will hold a 71% stake in the new entity, while Discovery shareholders own a 29% stake.
AT&T also said it would adjust its dividend policy to reflect the structure of the new media business. The company said it expects an annual dividend payout ratio of 40% to 43% from more than $20 billion of expected free cash flow.
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