Stock Alert: AT&T Trading Down 7%

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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