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AT&T & Discovery Merge Media Assets to Create Streaming Giant
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AT&T (T - Free Report) and Discovery have agreed to combine their media assets to create a new publicly traded enterprise. Discovery’s CEO, David Zaslav, will run this new company, and 71% of the control will be held by AT&T shareholders, while Discovery stockholders will have a 29% stake.
AT&T is rolling off its WarnerMedia assets, which it had purchased less than 3 years ago in the $81 billion acquisition of Time Warner. There have been concerns about the magnitude of leverage that this deal had put on AT&T’s balance sheet.
AT&T’s new CEO, John Stankey, is reversing his predecessor’s attempt to create a media conglomerate and focus on its wireless business and the 5G revolution.
AT&T will be receiving $43 billion from this deal in cash, fixed income securities, and roll-off of certain WarnerMedia debts. Stankey is reversing moves made by its prior CEO to deleverage the company and turning AT&T back into a pureplay broadband business.
Investors were excited on both end of this deal, with T and DISCA rallying 3% & 9.5%, respectively, this morning, but as the trading day went on DISCA dipped into the red.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
AT&T & Discovery Merge Media Assets to Create Streaming Giant
AT&T (T - Free Report) and Discovery have agreed to combine their media assets to create a new publicly traded enterprise. Discovery’s CEO, David Zaslav, will run this new company, and 71% of the control will be held by AT&T shareholders, while Discovery stockholders will have a 29% stake.
AT&T is rolling off its WarnerMedia assets, which it had purchased less than 3 years ago in the $81 billion acquisition of Time Warner. There have been concerns about the magnitude of leverage that this deal had put on AT&T’s balance sheet.
AT&T’s new CEO, John Stankey, is reversing his predecessor’s attempt to create a media conglomerate and focus on its wireless business and the 5G revolution.
AT&T will be receiving $43 billion from this deal in cash, fixed income securities, and roll-off of certain WarnerMedia debts. Stankey is reversing moves made by its prior CEO to deleverage the company and turning AT&T back into a pureplay broadband business.
Investors were excited on both end of this deal, with T and DISCA rallying 3% & 9.5%, respectively, this morning, but as the trading day went on DISCA dipped into the red.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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