T - AT&T receives $1.1B as PPF wraps Central European Media purchase

Czech investment firm PPF Group has completed its acquisition of Central European Media (CETV) - meaning that majority shareholder AT&T (T) has monetized its stake. AT&T received $1.1B in cash, and no longer backstops the $575M in CME's debt. That's consistent with its plans, AT&T says, to monetize noncore assets to focus on lowering net debt. It had inherited its majority ownership of CME as part of its acquisition of Time Warner two years ago. AT&T is -0.1% premarket.

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AT&T receives $1.1B as PPF wraps Central European Media purchase