Shares of AT&T fell 5.8% on Tuesday, showing the largest one-day decline since June 11, 2020, when shares fell 6.1%.
Shares of AT&T rose first on Monday, then fell in the second half of the trading session.
The initial growth was due to positive assessments of the future merger agreement between AT&T WarnerMedia and Discovery into a separate stand-alone company that could become a strong competitor to Netflix and Disney +.
Most market experts welcomed this move by AT&T, as trends suggest that only the strongest will win in the world of video streaming. Combining HBO Max with Discovery + and their synergy with WarnerMedia should deliver better results when companies work together.
Under the terms of the agreement, AT&T will receive $ 43 billion, which will allow the company to reduce its debt burden by a whopping $ 180 billion as of March 31, 2021. AT&T shareholders will receive 71% of the new company’s shares. The operation is expected to close in mid-2022.
Following the close of the deal, AT&T expects an annual dividend payout ratio of 40% to 43% of the expected free cash flow of $ 20 billion. The ability to repurchase shares will be 2.5 times less. As a result, AT&T’s dividends will be about $ 8 billion a year, compared to the $ 15 billion the company paid in 2020.
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