AT&T has announced its plan to pay down over $1 Billion in debt. On Sunday, the mega-company announced that it will sell its majority stake in Central European Media Enterprises, a stake they acquired when they purchased TimeWarner. AT&T says they will sell their stake for $1.1 Billion to PPF Group N.V, a Czech investment group.
The plan is “consistent with AT&T’s plans to monetize non-strategic assets as it continues to pay down debt,” the company said. “Given the company’s confidence in reaching a net debt-to-adjusted EBITDA ratio in the 2.5x range by the end of this year, shareholders should expect that share buybacks will be in the mix in the fourth quarter of 2019, along with continued de-levering.” (Hollywood Reporter).