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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