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  "presentationDate": "2022-04-01 00:00:00",
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  "notes": "Includes a bar chart showing debt maturities and a callout box detailing the WarnerMedia transaction impact.",
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      "text": "WarnerMedia Transaction Update\nClosed on April 8, 2022\nSummary of Transaction:\nAT&T received $40.4B in cash and WarnerMedia’s retention of certain debt\nAT&T shareholders received 71% of WBD\nImproved net debt by ~$40B in April",
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      "text": "Invest for growth in 5G/Fiber – $24B in Capital Investment in '22 and '23\nReduce debt – Target net debt-to-adj.-EBITDA of 2.5x range by end of '23\nProvide attractive dividend – ~$8B per year",
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      "text": "* Excludes WarnerMedia debt, Magallanes debt, and commercial paper. ** Includes redemptions and make whole calls announced on April 11. Includes 4/1 maturity.",
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