AT&T announced Sunday that it will sell its majority stake in Central European Media Enterprises to PPF Group for $1.1 billion in cash, relieving the the telecommunication company of $575 million of its debt.
The Czech Republic private equity group PPF has broadcast operations in Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia and produces original content for the networks it operates in those markets. The sale is expected to close in the second quarter of 2020.
The sale is part of the telecom giant’s efforts to pay down debt since its recently completed $85.4 billion acquisition of Time Warner, now called WarnerMedia.