https://techcrunch.com/2021/05/17/att-confirms-deal-to-combine-its-warnermedia-subsidiary-with-discovery-inc-in-pure-play-43b-deal/

Another major telco in the US is making a big move away from being a full player in media services, and specifically content creation. Today AT&T said that it is combining its WarnerMedia division with Discovery Inc.

The deal is being structured as a “Reverse Morris Trust” transaction that will give AT&T $43 billion in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt. The deal will see AT&T shareholders receive stock representing 71% of the new company, while Discovery shareholders will have 21%, the companies said in an announcement.