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Share Name Share Symbol Market Type
AT&T Inc NYSE:T NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -0.15 -0.78% 19.13 19.40 19.11 19.29 14,026,892 17:42:38

AT&T to Spin Off WarnerMedia to Holders, Reduce Dividend

01/02/2022 12:08pm

Dow Jones News


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By Colin Kellaher

 

AT&T Inc. on Tuesday said it plans to spin off its stake in WarnerMedia after it completes the planned merger of the unit with Discovery Inc.

AT&T said its shareholders will receive stock representing roughly 71% of the new company, Warner Bros. Discovery Inc., while current Discovery shareholders will own about 29% of the new company.

AT&T also said its board approved an expected post-close annual dividend of $1.11, down from the current rate of $2.08, to account for spinoff.

The company said it is sizing its annual payout at about 40% of projected free cash flow, which it said will enable investment in attractive growth opportunities, adding that it still expects to have among the highest dividend yields in corporate America.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

February 01, 2022 06:53 ET (11:53 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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