Changes at AT&T
CBJ — Some major changes are coming down the pike at U.S. telecom giant AT&T.
The company has announced a new three-year strategic plan. Included are two new high-profile board members and the announcement the enterprise will sell off up to $10 billion in assets of none-core business operations. The monies raised from the sale of those units will go towards paying down debt following the purchase of Time Warner.
It’s believed activist investor Elliott Management was the catalyst for change, looking to reign in spending.
It’s expected that current CEO Randall Stephenson will continue to be in charge.
AT&T recently sold Central European Media Enterprises Ltd to investment group PPF, in a cash deal valued at about $2.1 billion.
The company expects generate $14 billion through asset sales and other initiatives by the end of this year. It reduced its net debt by $12.7 billion so far this year from an overall debt of just more than $153 billion.