AT&T considers selling regional sports networks to slash debt

AT&T Inc. is weighing a sale of its regional sports networks as part of a plan to cut as much as $8 billion in debt by the end of the year, according to people familiar with the matter. The four regional networks, which includes rights to teams such as the hockey’s Pittsburgh Penguins, basketball’s Houston Rockets and baseball’s Seattle Mariners, could fetch close to $1 billion, according to the people, who asked not to be identified as the deliberations are private. Sinclair Broadcast Group Inc., which agreed in May to buy 21 Fox regional sports networks from Walt Disney Co. for $9.6 billion, could be among the potential buyers, the people said. John Malone’s Liberty Media Corp. and Ice Cube’s Big3 U.S. basketball league were among the other bidders for the Fox assets. AT&T hasn’t started a formal process to sell the networks, and there are no guarantees a deal will be announced, the people said. The four networks are AT&T SportsNet Pittsburgh, AT&T SportsNet Rocky Mountain (Utah, Nevada and Colorado), AT&T SportsNet Southwest (parts of Texas and Louisiana) and Root Sports Northwest (Alaska, Washington and Oregon). The four networks have rights to more than two dozen pro teams, college programs and NCAA conferences. A representative for AT&T declined to comment, while Sinclair didn’t respond to requests for comment. A sale of the regional sports networks—known as must-see content for avid fans—highlights AT&T’s ongoing struggle to fix a... Continue reading at 'Advertising Age'

[ Advertising Age | 2019-07-02 19:54:11 UTC ]

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