Shares of AT&T (NYSE: T) fell 5.8% on Tuesday as shareholders reacted to the likelihood of substantially reduced cash payouts from the media titan following the pending spinoff of its WarnerMedia business. AT&T announced on Monday that it intends to merge its WarnerMedia assets with Discovery to create a new streaming-focused company. In return, AT&T stands to receive $43 billion, which it will use to reduce its sizable debt load.
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