Read Why Discovery, AT&T Shares Trading Higher Today

  • AT&T Inc (NYSE: T) won a "favorable" ruling from the Internal Revenue Service for the planned merger of its entertainment company WarnerMedia with television conglomerate Discovery Inc (NASDAQ: DISCA).

  • AT&T and Discovery each reported the ruling in a regulatory filing dated December 29.

  • Related Content: AT&T And Discovery Confirm B Media Merger: What You Need To Know

  • After announcing the deal in May, the companies began a Reverse Morris Trust, enabling AT&T and its partner to complete the process without incurring capital gains taxes.

  • AT&T looks to separate WarnerMedia from its other holdings for the merger with New York-based Discovery.

  • As per the merger terms, AT&T stockholders will control 71% of the new company, and Discovery's stockholders will own the other 29%.

  • Price Action: DISCA shares traded higher by 7.67% at $25.35, and T shares traded higher by 3.13% at $25.37 on the last check Monday.

  • AT&T Agrees To Sell Advertising Marketplace Xandr To Microsoft

  • Barclays Upgrades AT&T To Overweight; Sees 26% Upside

© 2022 Benzinga does not provide investment advice. All rights reserved.


More Related News

The IRS's crypto tax partner, ZenLedger, raises $15 million Series B

The past U.S. tax season that just wrapped up in April was particularly stressful for investors and the Internal Revenue Service (IRS) alike, as both struggled with the implications of 2021's crypto investing boom. Since its founding in 2017, ZenLedger has managed to secure four contracts with the U.S. government worth just over $500,000, none of which are expected to expire, the New York Times reported. Heading into this year's tax filing period, ZenLedger had raised just $11.5 million in its latest funding round -- significantly less than competitors such as CoinTracker and TaxBit had in their coffers at the time.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Economy