Following a flurry of weekend reports of a rumored mega-deal, AT&T and Discovery announced early on May 17 that AT&T would spin off WarnerMedia and combine the company with Discovery. According to terms fo the deal, AT&T will get $43 billion in cash and debt securities, and hold 71% of common equity in the new company. Discovery will receive a 29% stake of common equity and Discovery Communications CEO David Zaslav will lead the new company.
