This calculator works out the enterprise value of the proposed merged company incorporating Discovery and AT&T's media unit, WarnerMedia. It estimates the enterprise value attributable to the 71% stake to be owned by AT&T shareholders, compares that to what AT&T paid for Time Warner, and calculates the impact of improved EBITDA and valuation multiples for the new company.

The main inputs are EBITDA growth and enterprise value-to-EBITDA multiple expansion.

The calculator determines based on the inputs how much value AT&T shareholders stand to gain or lose compared with what AT&T paid for Time Warner.

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