The European Union has approved WarnerMedia parent AT&T's $1.1 billion sale of a majority stake in Central European Media Enterprises to Czech businessman Petr Kellner's PPF Group.
AT&T, led by CEO John Stankey, had last year unveiled the plan to sell the holding to reduce its debt. It had acquired the stake in the Prague-based TV networks firm when it bought Time Warner, now WarnerMedia.
Central European Media (CME) said it expects the transaction to close on Tuesday, Oct. 13. The company operates networks in Bulgaria, Croatia, the Czech Republic, Romania, the Slovak Republic and Slovenia.
Under terms of the deal, AT&T will receive $1.1 billion in cash at close and will also be relieved of a $575 million debt guarantee.
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