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AT&T ends media voyage with $43 billion Discovery deal
- Tuesday | 18th May, 2021
AT&T said it will use the $43 billion proceeds from the tax-free spin-off of its media assets to pay down its more than $160 billion of debt. The enterprise value of the new combined company will be more than $120 billion, carrying $58 billion in debt, including $43 billion from WarnerMedia and $15 billion from Discovery. With Time Warner, former AT&T Chief Executive Randall Stephenson sought to create a media and telecoms giant, combining content and distribution. AT&T and Discovery’s new combined venture is projected to have 2023 revenue of about $52 billion and adjusted EBITDA of about $14 billion. LionTree and Goldman Sachs advised AT&T, while Allen & Company and JPMorgan advised Discovery.
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