AT&T to sell stake in Central European Media Enterprises for $1.1B

AT&T agreed to sell its stake in Central European Media Enterprises Ltd. to an affiliate of the Czech investment firm PPF Group N.V. (PPF) for approximately $1.1 billion in cash at close and will also be relieved of a $575 million debt guarantee.

CME, which has broadcast operations in Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia, announced in early 2019 that it was conducting a review of strategic options, including a potential sale of part or all of the company. AT&T acquired its stake in CME with the acquisition of Time Warner, now WarnerMedia, in 2018.

AT&T said the sale is consistent with its plans to monetize non-strategic assets as it continues to pay down debt.