“Taxes Destroy Value”: Why AT&T Is Using a Reverse Morris Trust in the WarnerMedia-Discovery Deal
BY GEORG SZALAI | HollywoodReporter.Com Troy Warren for CNT #Business As AT&T plans to spin off WarnerMedia to then merge it with Discovery, it's turning to a deal structure that's been used just a handful of times in the media industry. “Iconic brands and franchises,” “complementary assets,” “one of the largest global streaming players.” The buzzy phrases offered up to tout the megamerger of Discovery and AT&T’s WarnerMedia when the companies unveiled it on May 17 just rolled off the tongue. The same can’t quite be said about the type of deal the partners agreed on to pull off the marriage:…