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  "notes": "The diagram illustrates the flow of assets, debt, and equity between AT&T, Discovery, and the newly formed entity.",
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      "text": "Structured as Reverse Morris Trust transaction, AT&T to spin/split out WarnerMedia which will merge into Discovery. Discovery to contribute 100% of its business and receive 29% of common equity. AT&T will receive $43B in cash, debt, and debt retention. AT&T shareholders to receive 71% of common equity. Unlocks value in WarnerMedia.",
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      "text": "1 Excludes certain assets including Xandr and Crunchyroll",
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