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.
Please follow us on Facebook and Twitter for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.
Did you know we have a YouTube Channel? Every week we have a live Cord Cutting Q&A, and weekly Cord Cutting recap shows exclusively on our YouTube Channel!