https://arstechnica.com/tech-policy/2021/05/att-to-spin-off-warnermedia-will-try-to-act-like-a-telecom-company-again/

AT&T today announced it will spin off WarnerMedia—including HBO and Warner Bros.—into a new company, less than three years after AT&T bought Time Warner Inc. for $108 billion.

AT&T said it struck a deal with Discovery, Inc. to combine WarnerMedia and Discovery's assets into a "standalone global entertainment company." AT&T would receive $43 billion in the all-stock transaction through "a combination of cash, debt securities, and WarnerMedia's retention of certain debt." AT&T shareholders would receive stock in 71 percent of the new media company, while Discovery shareholders would own the other 29 percent.