AT&T Monetizes Majority Stake in Central European Media Enterprises
October 13 2020 - 9:08AM
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
$1.1 billion in cash and no longer backstops approximately $575
million in CME debt. AT&T acquired its stake in CME with the
acquisition of Time Warner, now WarnerMedia, in 2018.
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.
AT&T products and services are provided or offered by
subsidiaries and affiliates of AT&T Inc. under the AT&T
brand and not by AT&T Inc. Additional information is available
at about.att.com. © 2020 AT&T Intellectual Property. All rights
reserved. AT&T, the Globe logo and other marks are trademarks
and service marks of AT&T Intellectual Property and/or AT&T
affiliated companies. All other marks contained herein are the
property of their respective owners.
Cautionary Language Concerning Forward-Looking
Statements
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.
This news release may contain certain non-GAAP financial
measures. Reconciliations between the non-GAAP financial measures
and the GAAP financial measures are available on the company’s
website at https://investors.att.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201013005689/en/
Fletcher Cook AT&T Phone: 214-912-8541 Email:
fletcher.cook@att.com Daphne Avila AT&T Inc. Phone: (972)
266-3866 Email: daphne.avila@att.com
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