AT&T said it will pocket $43 billion in the tax-free spin off of its media assets, partly in cash and partly as a reduction of its $160.7 billion debt pile. With Time Warner, AT&T sought to create a media and telecoms powerhouse, combining content and distribution. The new company is projected to have 2023 revenue of about $52 billion and adjusted EBITDA of about $14 billion as well as $3 billion in expected annual cost synergies. The deal is anticipated to close in mid-2022, pending approval by Discovery shareholders and regulatory approvals. The new company is expected to see $3 billion in cost synergies and has no plans to sell any assets, including CNN.

Source: The Star May 17, 2021 12:33 UTC