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Last week AT&T announced the 'spin off' of Warner Media, acquired three years ago in AT&T's acquisition of Time Warner. The entertainment assets will form a NewCo with Discovery. AT&T will refocus efforts on its core communications business.
Does anyone notice the buried lead in the two paragraphs below from CNBC describing the deal?
Under the agreement, AT&T will unwind its $85 billion acquisition of Time Warner, which closed just under three years ago and form a new media company with Discovery. The deal would create a new business, separate from AT&T, that could be valued at as much as $150 billion, including debt, according to The Financial Times, reported CNBC.
AT&T said it would receive an aggregate amount of $43 billion in a combination of cash, debt and WarnerMedia’s retention of certain debt. AT&T shareholders would receive stock representing 71% of the new company, while Discovery shareholders would own 29%, it added.
Yes, you guessed it -- AT&T turned an entertainment powerhouse worth $85 billion into a shell of itself in only three years, worth $43 billion. That must have been hard work!
All we have to do is tell you Warner Media includes CNN and HBO, two very 'woke' organizations that have been used as propaganda for the 'progressive' Marxists in America to lie to the American people.
“It is super exciting to combine such historic brands, world class journalism and iconic franchises under one roof and unlock so much value and opportunity,” Discovery President and CEO David Zaslav said, adding that AT&T and Discovery’s assets “are better and more valuable together.”
Unlock value after so much value having been destroyed.
See how the corporate media spin machine works?
Might AT&T have wanted to desperately get rid of the liability they know is coming due to CNN's involvement pushing the Chinese Communist Party line on our country for years?
Asking for a friend.
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Never ever mix business and politics as you can see the results with ATT.
Isn't failing CNN "Red Ted" and "Hanoi Jane's" old commie propaganda organization?
If we were not forced to watch the CNN trash at airports, their value would be ZERO!
Sooooo happy to see AT&T take this great financial bath! I've cursed them ever since they used to harass me, with all those unsolicited phone calls 20 years ago, for which they still have NEVER apologized!
THIS IS GREAT! LOVE IT LOVE IT LOVE IT! HAHAHA!!!
Credit card business, NCR merger, AT&T personal computers(junk), cable tv ( they ran them out of our city ) for some reason the AT&T honchos wanted to do everything but telecom since Divestiture. Unfortunately they screwed up every endeavor and what in hell are they going to do with loser CNN ?
This is heartening news. Seems boycotting or simply tuning out does work. I look forward to this trend gaining momentum as more and more woke organizations go broke.
No offense, but your numbers don't add up. Per your description, ATT and its shareholders get $43 billion plus 71% of the combined company. I don't know if 71% of the new company is worth more or less than the $42 billion breakeven, but it could be. That said, outside of telecom ATT historically is always destroying value, but they can't seem to help themselves - I guess media is glamorous while telecom is boring.