AT&T Chose WarnerMedia Spinoff for Discovery Merger to Avoid Discounting Stock, CFO Says

in a key step of the entertainment unit’s merger with Discovery to avoid having to “really discount” the merged Warner Bros. Discovery’s stock, AT&T CFO Pascal Desroches told investors on Monday.

The executive also told the Deutsche Bank Media, Internet & Telecom Conference in Palm Beach, Fla. that AT&T’s stock should be appealing to investors after the WarnerMedia deal as the company is paying dividends, targeting earnings growth and is attractively priced. Asked about the risk of future dividend cuts, Desroches said that “the dividend is not only safe,” but its size gives the company financial flexibility. “We feel really good about where we are.

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