TOLLS IN BOTH DIRECTIONS. Post-pandemic corporate dealmaking is buoyant. Then there’s the single-handed boost from AT&T (T.N), which only in February set about partly offloading DirecTV, which it bought for $67 billion including debt in 2015. Now the telecommunications giant is spinning off the Time Warner assets it bought for $109 billion just three years ago in a deal with Discovery (DISCA.O). Bankers and attorneys win whichever way the strategic wind blows. Goldman Sachs (GS.N) advised DirecTV on its sale but missed out on AT&T’s original Time Warner purchase. The Wall Street M&A powerhouse snagged both recent spinoff mandates for AT&T boss John Stankey. Boutique Allen & Co advised Time Warner on its sale to AT&T and Discovery on Monday’s deal. Perella Weinberg, which helped AT&T buy Time Warner, advised Discovery’s independent directors. This being AT&T there’s always debt involved, and JPMorgan (JPM.N) and Bank of America (BAC.N) have served up finance and advice in various contexts. Among law firms, AT&T has kept the legal eagles at Sullivan & Cromwell busy on all four transactions. Analysts at Goldman are probably not the only ones burning out read more . (By Richard Beales) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Blackstone’s Italy property win is front-page news read more Nordic school-builder buyout is teachable moment read more Boeing gives Ryanair another headache read more Valuing GoAir’s IPO will be a turbulent exercise read more Crown regains its swagger in Blackstone rebuff read more Trains deal goes into high gear read more