AT&T fills in details of spin-off in WarnerMedia/Discovery deal
With the WarnerMedia/Discovery (NASDAQ:DISCA) transaction close getting closer, AT&T (NYSE:T) has issued more detail on the spin-off of its media company.
AT&T will spin off 100% of its interest in WarnerMedia to its shareholders, effected via a stock dividend.
As of the transaction closing, AT&T shareholders of record at the close on April 5 will receive (tax-free) an estimated 0.24 shares of Warner Bros. Discovery (WBD) for each share of AT&T held.

Immediately after the spin-off, the WarnerMedia SpinCo shares will be exchanged for stock representing about 71% of the new WBD.
After the deal is closed, AT&T shareholders will continue to hold the same number of AT&T common shares they held before the close (along with new shares of WBD common stock). AT&T's share price will adjust to reflect the transfer of the WarnerMedia business.
Two-way trading on AT&T stock is expected to begin April 4. There will be two markets in AT&T common stock on NYSE then: the "regular way" market and the "ex-distribution" market (under a temporary T.WI symbol). There will also be a market for WBD common stock on a when-issued basis.
As expected, AT&T also declared a second-quarter dividend in line with its approved post-close annual dividend of $1.11/share.