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AT&T Sells Central European Media Enterprises For $1.1 Billion To Czech Investment Firm To Pay Down Debt

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AT&T has agreed to sell its majority stake of Central European Media Enterprises (CME) for $1.1 billion to the Czech investment firm PPF Group N.V. The company has broadcast operations in Bulga…

for $1.1 billion to the Czech investment firm PPF Group N.V. The company has broadcast operations in Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia. AT&T purchased stake in CME when it acquired Time Warner, which is now known as WarnerMedia.

Under terms of the agreement, AT&T will receive approximately $1.1 billion once the deal is closed. It will also be relieved of a $575 million debt guarantee. The sale falls in line with plans for AT&T to “monetize non-strategic assets as it continues to pay down debt.” The company said that “Given the confidence in reaching a net debt-to-adjusted EBITDA ratio in the 2.

The acquisition of CME is expected to be completed during the second quarter of 2020, subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions.

 

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I will never understand why a company who is actively working really hard to pay down debt is starting a streaming service. Streaming services literally are debt for ages...

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