By Sheila Dang

(Reuters) -AT&T Inc expects to invest about $48 billion through the end of 2023 to expand its fiber internet and 5G wireless services, the U.S. wireless carrier said on Friday, as it detailed the vision for the business after unwinding its media assets.

After facing skepticism from shareholders over its expensive quest to become a media and entertainment company, AT&T (NYSE:) is working to merge its WarnerMedia unit with Discovery (NASDAQ:) Inc in a deal that is expected to close in the second quarter. It plans to focus on its core business, which is offering phone and internet services.

“Now that the close of the WarnerMedia deal is approaching, we are near the starting line of a new era for AT&T,” said AT&T Chief Executive John Stankey, in a press release ahead of a presentation to analysts on Friday.

Shares of AT&T rose over 3% to $24.09 in pre-market trading.

AT&T said it expects annual capital investment to be in the $24 billion range both this year and in 2023. In 2024, it will decrease to $20 billion.

It is currently working to increase fiber internet access to more than 30 million households in America and to expand its 5G network so that it covers over 200 million.

AT&T on Friday also provided full-year financial guidance that excludes the WarnerMedia business and advertising unit Xandr, which AT&T agreed to sell to Microsoft (NASDAQ:) in December.

Unchanged from the previous outlook, the company stated that it expected a modest single-digit percentage rise in its total revenue by 2022.

The outlook also included a 2023 outlook. It showed a low single-digit revenue growth rate and adjusted earnings per shares between $2.50 and $2.60.

After closing the WarnerMedia and Discovery deal, the company expects to pay just over $8 billion in annual total dividends, AT&T said.

Free cash flow for the standalone AT&T is expected to be in the $16 billion range this year and in the $20 billion range in 2023.