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The AT&T Spinoff Will Reshuffle Media. Here Are a Few Winners—and Losers.

AT&T’s decision to spin off its WarnerMedia assets will have implications across the media and telecom landscape. Here’s how the spinoff could shake out more broadly.

Winners

Picky shareholders: AT&T (ticker: T) is in the process of shedding its media assets and its satellite and pay-TV business. Investors will now get two stocks to choose from—or avoid—to play their preferred thesis. Meanwhile, the conglomerate discount on AT&T’s stock should fade.

John…

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