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AT&T Cashes In $1 Billion for Central European Media Stake, Cites Ongoing Push To Raise Cash, Reduce Debt

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Jill Goldsmith Co-Business EditorThe WarnerMedia parent was CME’s largest shareholder and announced Tuesday that it’s received the hefty payment and that it no longer backstops approximately $575 million in CME debt.

AT&T acquired its stake in CME with the acquisition of Time Warner in 2018. It announced the sale a year ago.The telco and media giant said the transaction “is consistent with AT&T’s ongoing efforts to monetize non-core assets to drive incremental shareholder value.” The company is in the midst of a major push to lower its net debt to strengthen its balance sheet, including through asset sales.Wall Street continues to anticipate some kind of deal around AT&T-owned satellite broadcaster DirecTV.

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