Today AT&T announced that they are selling off WarnerMedia’s Central European Media Enterprises Ltd. (CEM) to a Czech investment firm called PPF Group N.V. (PPF) for $1.1 billion in cash. According to AT&T, they plan to use some of the $1.1 billion to pay off debts. AT&T will also receive a $575 million debt guarantee. AT&T acquired Central European Media Enterprises Ltd. when it purchased Time Warner.
This news comes just weeks after AT&T announced that it would be selling its wireless and wireline optimation in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America for $1.95 billion in cash at closing. AT&T also recently sold its 9.5% share of Hulu back to Hulu for $1.43 billion. According to reports, AT&T also used that money to pay off its debt.
AT&T reportedly started 2019 with $180 billion of debt, according to reports. AT&T’s CEO recently said that reducing AT&T’s debt is a top priority for AT&T this year. AT&T has reportedly even considered selling its AT&T Sports Nets, which may help reach that goal.
Several of these deals, including the one for Central European Media Enterprises Ltd., are still subject to regulatory approvals. AT&T says they hope to complete this new deal during the second quarter of 2020.
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