AT&T Monetizes Majority Stake in Central European Media Enterprises
AT&T Inc. (NYSE: T) has concluded the sale of its stake in Central European Media Enterprises Ltd. (CME) to Czech investment firm PPF Group N.V. for $1.1 billion in cash. This divestiture reduces AT&T's debt obligations by approximately $575 million, aligning with its strategy to monetize non-core assets and bolster shareholder value. AT&T aims to lower its net debt to strengthen its balance sheet. Upcoming financial results will be announced on October 22, 2020.
- Received $1.1 billion in cash from CME sale.
- Eliminated approximately $575 million in CME debt.
- Continued focus on monetizing non-core assets.
- None.
DALLAS--(BUSINESS WIRE)--Czech investment firm PPF Group N.V. today completed its acquisition of Central European Media Enterprises Ltd. (CME). With the transaction closed, AT&T Inc.* (NYSE: T), which was the largest shareholder in CME, received
The sale is consistent with AT&T’s ongoing efforts to monetize non-core assets to drive incremental shareholder value. The company plans to continue to focus on lowering its net debt to strengthen its balance sheet and will remain opportunistic around opportunities to further improve its borrowing costs.
AT&T plans to announce third quarter 2020 results on Thursday, October 22, 2020. The company’s earnings call will begin at 8:30 a.m. ET that day. Shareholders can listen to a live broadcast via the internet at AT&T Investor Relations.
*About AT&T
AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. Xandr, now part of WarnerMedia, provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its platform. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. AT&T Latin America provides pay-TV services across 10 countries and territories in Latin America and the Caribbean and wireless services to consumers and businesses in Mexico.
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Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
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