Shares of AT&T Inc. (T) are down more than 7% Tuesday morning.
AT&T and Discovery Inc. Monday announced a deal to combine AT&T's WarnerMedia assets with Discovery Inc. to form a standalone global entertainment company.
Discovery President & CEO David Zaslav will lead the yet-to-be named company.
As per the deal, AT&T will receive $43 billion in a combination of cash,debt securities, and WarnerMedia's retention of certain debt. 71% of the new company will be owned by AT&T shareholders and 29% by Discovery shareholders.
AT&T shares, currently at $29.14, has been trading in the range of $26.35- $33.88 in the past one year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.