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AT&T Sets More Details For WarnerMedia Spinoff Ahead Of Discovery Merger

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AT&T has firmed up more details of its spinoff of WarnerMedia, which is poised to combine with Discovery in a $43 billion merger. In an SEC filing, the telecom giant said it will issue its shareholders a special dividend on April 5

In an SEC filing, the telecom giant said it will issue its shareholders a special dividend on April 5. For each share of AT&T common stock, holders will get 0.24 share in Warner Bros Discovery.

AT&T’s stock will begin two-way trading on April 4, with shareholders getting the option to buy or sell shares of AT&T with or without the WBD shares. Shareholders will also get a quarterly dividend worth a shade less than 28 cents for each AT&T share, part of the company’s annual dividend of $1.11 a share after the spinoff closes. Because of its unusually high number of individual investors, rather than institutions, owning its stock, AT&T’s dividend is a closely watched obligation on its balance sheet. The dividend is payable May 2 for shareholders of record as of April 14.

AT&T and Discovery proposed the merger last May, surprising Wall Street after several weeks of stealth negotiations.

 

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