Today Reuters reported that their sources are reporting that AT&T is exploring the sale of its Puerto Rico business. Returns reports the deal could potentially bring in around $3 billion for the Puerto Rico business. AT&T reportedly is so far along with the sale that it has hired a financial adviser to manage the sale process.
It seems AT&T is looking for ways to lower its debt. Recently Bloomberg reported that AT&T is considering its regional sports networks to help cut AT&T’s massive debt load. According to reports, AT&T may be able to get close to $1 billion for the networks. This comes as Sinclair just paid $9.6 billion to buy the 21 Fox regional sports networks from the Walt Disney Co.
Earlier this year, it was reported that AT&T has $164 billion in debt from buying DIRECTV and Time Warner Inc among other expenses. Recently AT&T sold its 9.5% share of Hulu back to Hulu for $1.43 billion. According to reports, AT&T also used that money to pay off its debt. AT&T’s CEO recently said that reducing AT&T’s debt is a top priority for AT&T this year and selling its Peurto Rico business along with its AT&T Sports Nets may help reach that goal.
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