By Maria Armental
AT&T Inc. declared a stock dividend in connection to the planned WarnerMedia merger with Discovery Inc.
On the closing date of the transaction, which AT&T said it expects in April, AT&T shareholders will receive an estimated 0.24 share of stock in Warner Bros. Discovery Inc. for each share of AT&T.
The record date for the stock dividend, which AT&T said would be tax free, is currently April 5.
Two-way trading for AT&T stock is expected to begin on April 4. During the two-way trading period, AT&T shareholders also have the option of selling the right to receive WBD shares while retaining their AT&T shares. Those trades will settle after the WarnerMedia-Discovery transaction closes.
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