AT&T CFO Defends Spinoff, Saying It Benefits Retail Investors – Barrons

AT&T is defending its move to spin off its big stake in WarnerMedia rather than pursue a split-off, or exchange offer, arguing that the decision benefits its large group of retail investors.

 Shares of AT&T (ticker: T) were down 5%, or $1.27, to $24.23, in trading late Tuesday morning following the announcement of the spinoff. The selloff reflects some investor disappointment that the company decided against a split-off, which would have retired more than 20% of AT&T’s shares.

 The…

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