Last April, AT (NYSE: T) spun off WarnerMedia and merged it with Discovery to create new-media giant Warner Bros. Discovery (NASDAQ: WBD). That spinoff, along with its divestment of DirecTV in August 2021, finally ended the telecom giant's ill-conceived plans to become a pay-TV and media superpower.

When the spinoff concluded on April 8, AT's investors received 0.241917 shares of WBD for each share of AT they held. That split represented a fresh start for AT, but if you had invested $1,000 on April 11, the first day it started trading independently of WBD, your investment would only be worth $685 today. Even after factoring in a year of dividends, your investment would be worth only $750. The same investment in an S 500 index fund would still be worth just over $1,000.

Image source: AT

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