Czech investment firm PPF Group N.V. has completed its acquisition of Central European Media Enterprises Ltd. (CME) which would see AT&T Inc. 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.