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• Shares of the telecom company rose 7.7% to $19.63
AT&T Inc (NYSE: T) shares soared on Monday after the completion of its merger with Discovery Inc (NYSE: DISCA) last week.
In the first trading session after the merger, shares of the telecom company rose 7.7% to $19.63, while shares of the combined company, known as Warner Bros Discovery Inc, gained 1.3% to $24.78.
AT&T shareholders received about 0.24 share in the new company for each share they owned. On Friday, AT&T shares closed at $24.14 which was later readjusted to $18.22 to reflect the spinoff.
The completion of the merger comes after almost a year when the companies signed a $43 billion deal.
Warner Bros Discovery will include Discovery Channel, Warner Bros. Entertainment, CNN, HBO, Cartoon Network, and the streaming services Discovery+ and HBO Max.
The new company started trading Monday under the ticker symbol “WBD.”
Picture Credits: Associated Press