Today, AT&T announced that they are selling Warner Media's Central European Media Enterprises Ltd. (CEM) to a Czech investment company called PPF Group N.V. (PPF) for $ 1.1 billion in cash. According to AT&T, they plan to spend some of $ 1.1 billion to pay off debt. AT&T will also receive a $ 575 million debt guarantee. AT&T bought Central European Media Enterprises Ltd. when it bought Time Warner.
This news comes just weeks after AT&T announced it would sell its wireless and cable optimization in Puerto Rico and the US Virgin Islands to Liberty Latin America for $ 1.95 billion in cash at closing. AT&T also recently sold its 9.5% stake in Hulu back to Hulu for $ 1.43 billion. According to reports, AT&T also used the money to pay down the debt.
AT&T reportedly started in 2019 with $ 180 billion in 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 AT&T Sports Nets, which may help achieve this goal.
Several of these offers, including that of Central European Media Enterprises Ltd., are still subject to government approval. AT&T says they hope to complete this new agreement during the second quarter of 2020.
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