First, it plans to spin off WarnerMedia and merge it with Discovery (NASDAQ: DISCA) (NASDAQ: DISCK), ending its costly attempt to become a media powerhouse following its acquisition of Time Warner in 2018. AT&T claims the cut reflects its divestment of WarnerMedia, and the reduction will be offset by newly issued shares of the spinoff. AT&T's 5G network also still offers less coverage than T-Mobile's network.
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