Read Why Discovery, AT&T Shares Are Trading Higher Today

The AT&T logo is seen on a smartphone in front of displayed Discovery and Warner Media logos in this illustration taken on May 17, 2021. Dado Ruvic/Reuters

AT&T Inc. won a “favorable” ruling from the Internal Revenue Service for the planned merger of its entertainment company WarnerMedia with television conglomerate Discovery Inc.

AT&T and Discovery each reported the ruling in a regulatory filing dated December 29.