AT&T post spin off

AT&T: Under $29 To Get WarnerMedia Shares And Keep Legacy AT&T With Yield Is A Bargain

T is spinning off WarnerMedia and merging it with DISCA to form a new company. On T's website, it explicitly indicates, "AT&T's shareholders would receive stock representing 71% of the new company; Discovery shareholders would own 29% of the new company." It doesn't get clearer than this. Every shareholder of T will be receiving shares of the newly formed company once the transaction closes. The details that haven't been released are how many shares will exist and the ratio you would receive per share of T stock. Hypothetically, if the same amount of shares is issued that are outstanding for T, it would be a .71 for one share allocation.