The current payout is about 60% but the 40 to 43% figure quoted is FCF after the spin off. (FCF is projected to drop from 26 to 20B) The spin off and dividend cut take place roughly a year from now. The spin off company will likely not pay a dividend in the short term, as it was stated that they will be focused on paying off their debt. I would like to exit the stock if an opportunity somehow presents itself. Too much negatively surrounding the deal at the moment. And I might add, AT&T spent the year telling us they were committed to maintaining the dividend.