AT&T-backed WarnerMedia, a multinational mass media company, completed the merger with Discovery, a mass media factual television company, in a $43bn deal. AT&T’s shareholders received 71% of the new company and Discovery shareholders own 29% of the new company. “We are at the dawn of a new age of connectivity, and today marks the beginning of a new era for AT&T. With the close of this transaction, we expect to invest at record levels in our growth areas of 5G and fiber, where we have strong momentum, while we work to become America’s best broadband company. At the same time, we’ll sharpen our focus on returns to shareholders. We expect to invest for growth, strengthen our balance sheet and reduce our debt, all while continuing to pay an attractive dividend that puts us among the top dividend paying stocks in America," John Stankey, AT&T CEO. On December 23, 2021, the European Commission granted unconditional antitrust clearance for the merger. On March 10, 2022, AT&T and Discovery clinch $30bn bond deal in resilient US market.