As a result of the spin-off of the Warner Media Business from AT&T Inc. (“AT&T”), and its combination with Discovery, Inc (“Discovery”), which was renamed Warner Bros Discovery, Inc. (“WBD”).
Stockholders that held AT&T common stock as of April5, 2022, the distribution record date, and did not sell their rights to receive WBD common stock before April 8, 2022, the distribution date, received 0.241917 shares of WBD common stock for every share of AT&T common tock they held, except that no fractional shares of WBD common stock were issued and stockholders of AT&T common stock as of the distribution record date that would otherwise have been entitled to fractional shares of WBD common stock received cash in lieu of such fractional shares of WBD common stock.
If you were entitled to receive cash in lieu of a fractional share of WBD common stock, the enclosed check represents such cash.
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