CNBC’s Jim Cramer on Monday slammed AT&T as a disgrace after the company announced it will spin-off WarnerMedia to merge the business and create an entertainment giant with Discovery.

He also took aim at those hailing the move as a transformational one, railing against AT&T for taking on heavy debt three years ago to purchase Time Warner for $85 billion.

“It’s not a transformational deal… it’s the final act of one of the dumbest mergers in recent history,” the “Mad Money” host said. “The truth is, AT&T made a boneheaded decision and now they’re paying for it, but in corporate America, no one really pays for it, no one’s even allowed to say it, no one’s allowed to admit it.”

In a deal worth $43 billion, the WarnerMedia-Discovery tie-up will give AT&T shareholders a significant stake in the new company. The transaction, expected to close about a year from now, ends AT&T’s experiment to combine content and distribution in a vertically integrated company.

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