If you want income...you should do both. You have to dump the spin off though. Unless they decide to pay a dividend..which would be extremely low ...and most of all doubtful.
There are two Companies that have made correct decisions lately. One being At&T getting back to basics and the other being BP...shedding oil assets and moving into the next category.
I have no idea why anyone wold want Warner/cable/satellite..et al. The worst crap T ever did.
I have the spinoff valued at $13 per share...which is a rough 60% discount after a sell off. Super extreme(as in not happening)..but if you don't do the extremes ...you are screwed. Everything above such is a bonus.