Under the terms of the agreement, which is structured as an all-stock, Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt, and AT&T’s shareholders would receive stock representing 71% of the new company; Discovery shareholders would own 29% of the new company. The Boards of Directors of both AT&T and Discovery have approved the transaction.
【 在 Icanfly888 (流氓大亨) 的大作中提到: 】 : https://corporate.discovery.com/discovery-newsroom/atts-warnermedia-and- : discovery-inc-creating-standalone-company-by-combining-operations-to-form-: new-global-leader-in-entertainment/ : Under the terms of the agreement, which is structured as an all-stock, : Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to : adjustment) in a combination of cash, debt securities, and WarnerMedia’s : retention of certain debt, and AT&T’s shareholders would receive stock : representing 71% of the new company; Discovery shareholders would own 29% of : the new company. The Boards of Directors of both AT&T and Discovery have : approved the transaction.
Forming a new company that will have significant scale and investment resources with projected 2023 Revenue of approximately $52 billion, adjusted EBITDA of approximately $14 billion, and an industry leading Free Cash Flow conversion rate of approximately 60%.
【 在 Icanfly888 (流氓大亨) 的大作中提到: 】 : https://corporate.discovery.com/discovery-newsroom/atts-warnermedia-and- : discovery-inc-creating-standalone-company-by-combining-operations-to-form-: new-global-leader-in-entertainment/ : Under the terms of the agreement, which is structured as an all-stock, : Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to : adjustment) in a combination of cash, debt securities, and WarnerMedia’s : retention of c
Item 8.01. Other Events. Following the completion of the transactions described under Item 1.01 and subject to the approval of the board of directors of the Company, the Company expects an annual dividend payout ratio of 40% to 43% on anticipated free cash flow of over $20 billion.
【 在 skybluewei (weilan) 的大作中提到: 】 : 我在另一个帖子算过了： : 在仔细算一下： : Item 8.01. Other Events. : Following the completion of the transactions described under Item 1.01 and : subject to the approval of the board of directors of the Company, the : Company : expects an annual dividend payout ratio of 40% to 43% on anticipated free : cash flow of over $20 billion. : 也就是新T的dividend是8B-8.6B，现在一共7.14B股，一股是1.12-1.2，按照现在6.5% : 的dividend去估值，一股是17.2-18.5，新公司100B，T的股东占71B，也就是一股10块 : ...................
discovery-inc-creating-standalone-company-by-combining-operations-to-form-
new-global-leader-in-entertainment/
Under the terms of the agreement, which is structured as an all-stock,
Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to adjustment) in a combination of cash, debt securities, and WarnerMedia’s
retention of certain debt, and AT&T’s shareholders would receive stock
representing 71% of the new company; Discovery shareholders would own 29% of the new company. The Boards of Directors of both AT&T and Discovery have
approved the transaction.
怎么感觉是T赚了？T的股东很快就可以免费拿到新公司71%的股票。T还可以因此大幅度降低自己的债务？
option holder能那到股票吗。
还是必须exercise.
【 在 Icanfly888 (流氓大亨) 的大作中提到: 】
: https://corporate.discovery.com/discovery-newsroom/atts-warnermedia-and-
: discovery-inc-creating-standalone-company-by-combining-operations-to-form-: new-global-leader-in-entertainment/
: Under the terms of the agreement, which is structured as an all-stock,
: Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to
: adjustment) in a combination of cash, debt securities, and WarnerMedia’s
: retention of certain debt, and AT&T’s shareholders would receive stock
: representing 71% of the new company; Discovery shareholders would own 29% of
: the new company. The Boards of Directors of both AT&T and Discovery have : approved the transaction.
Forming a new company that will have significant scale and investment
resources with projected 2023 Revenue of approximately $52 billion, adjusted EBITDA of approximately $14 billion, and an industry leading Free Cash Flow conversion rate of approximately 60%.
不知真的假的，新公司会有52B的REVENUE。
你最好还是直接发EMAIL给T的INVESTOR RELATIONSHIP，我估计拿不到的。新公司股票
就那么多，不可能因为OPTION额外多发行很多股票。
【 在 lambent (最爱mm) 的大作中提到: 】
: option holder能那到股票吗。
: 还是必须exercise.
: to
: of
不过DOSCA只有10.6B的REVENUE，显然52B会造成T减少41B的REVENUE。显然T本身股票裂股后会向下跳水，价值损失有新股票来弥补。
跟pfe spin-off Upjohn差不多吧
是差不多。
【 在 Noktard (Judea Capta) 的大作中提到: 】
: 跟pfe spin-off Upjohn差不多吧
不要做白日梦了！这是拆分，新公司给你10块，T还剩20块！总共你还是30块。
【 在 Icanfly888 (流氓大亨) 的大作中提到: 】
: https://corporate.discovery.com/discovery-newsroom/atts-warnermedia-and-
: discovery-inc-creating-standalone-company-by-combining-operations-to-form-: new-global-leader-in-entertainment/
: Under the terms of the agreement, which is structured as an all-stock,
: Reverse Morris Trust transaction, AT&T would receive $43 billion (subject to
: adjustment) in a combination of cash, debt securities, and WarnerMedia’s
: retention of c
★ 发自iPhone App: ChinaWeb 1.1.5
俗话说得好：细节有魔鬼！好好看看拆分，看能不能看出点啥机会来。
【 在 skybluewei (weilan) 的大作中提到: 】
: 不要做白日梦了！这是拆分，新公司给你10块，T还剩20块！总共你还是30块。
: to
: ★ 发自iPhone App: ChinaWeb 1.1.5
不过你说得对，应该没啥好事情。估计在拆分前T和DISCA都一潭死水。
【 在 skybluewei (weilan) 的大作中提到: 】
: 不要做白日梦了！这是拆分，新公司给你10块，T还剩20块！总共你还是30块。
: to
: ★ 发自iPhone App: ChinaWeb 1.1.5
我在另一个帖子算过了：
在仔细算一下：
Item 8.01. Other Events.
Following the completion of the transactions described under Item 1.01 and
subject to the approval of the board of directors of the Company, the
Company
expects an annual dividend payout ratio of 40% to 43% on anticipated free
cash flow of over $20 billion.
也就是新T的dividend是8B-8.6B，现在一共7.14B股，一股是1.12-1.2，按照现在6.5%
的dividend去估值，一股是17.2-18.5，新公司100B，T的股东占71B，也就是一股10块
。这样，一股T到拆分后，只有27.2-28.5。新T高估一点能到30，估计马上会跌倒29。
低估一点的话，就27了。
假如按free cash flow去估值要稍好一点，26B VS 20B，6,5% dividend 是32块，新T
是24.6。加起来34.6
【 在 Icanfly888 (流氓大亨) 的大作中提到: 】
: 俗话说得好：细节有魔鬼！好好看看拆分，看能不能看出点啥机会来。
★ 发自iPhone App: ChinaWeb 1.1.5
T现在的DIVIDEND是2.08，降低到1.12-1.2,很可能拆分后T会去20.
【 在 skybluewei (weilan) 的大作中提到: 】
: 我在另一个帖子算过了：
: 在仔细算一下：
: Item 8.01. Other Events.
: Following the completion of the transactions described under Item 1.01 and
: subject to the approval of the board of directors of the Company, the
: Company
: expects an annual dividend payout ratio of 40% to 43% on anticipated free : cash flow of over $20 billion.
: 也就是新T的dividend是8B-8.6B，现在一共7.14B股，一股是1.12-1.2，按照现在6.5%
: 的dividend去估值，一股是17.2-18.5，新公司100B，T的股东占71B，也就是一股10块
: ...................