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MarketScreener Homepage  >  Equities  >  Nyse  >  AT&T    T

AT&T

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AT&T : Sells WarnerMedia Hudson Yards Space to Pay Down Debt

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04/24/2019 | 10:35am EST

AT&T has cut a deal to sell and lease back its WarnerMedia office space in New Yorks glitzy Hudson Yards development for $2.2 billion to help pare down its enormous debt load.

AT&T said Tuesday it has set a deal to sell its office space at 30 Hudson Yards to an affiliate of Related Companies, the developer of the 14-acre Westside residential and retail development that opened with great fanfare in March.

AT&T said it has struck a long-term lease with Related Companies to keep WarnerMedia on the site through early 2034. WarnerMedia properties in New York are in the process of relocating from Time Warner Center in Columbus Circle to the new digs in Hudson Yards. For the first time in years, HBO will share an office location with its corporate siblings as it relocates from its Bryant Park outpost to the new Hudson Yards space. Time Warners move to Hudson Yards was initiated in 2014 by previous CEO Jeff Bewkes.

AT&T will use proceeds from this transaction, along with additional planned sales of non-core assets, to reduce its debt, the telecom giant said in announcing the sale.

AT&T is under pressure to raise cash from asset sales to help chop down its debt load of more than $170 billion following its purchase of Time Warner last year. Earlier this month, AT&T set a deal with the Hulu partners to offload its 9.5% stake in the streaming giant for $1.4 billion.

(c) 2019 Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
AT&T -0.16% 38.55 Delayed Quote.-1.36%
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Financials (USD)
Sales 2020 182 B
EBIT 2020 31 874 M
Net income 2020 19 375 M
Debt 2020 148 B
Yield 2020 5,42%
P/E ratio 2020 14,1x
P/E ratio 2021 12,8x
EV / Sales2020 2,33x
EV / Sales2021 2,30x
Capitalization 277 B
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 40,07  $
Last Close Price 38,55  $
Spread / Highest target 24,5%
Spread / Average Target 3,95%
Spread / Lowest Target -48,1%
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Managers
NameTitle
Randall L. Stephenson Chairman & Chief Executive Officer
F. Thaddeus Arroyo CEO-Business Solutions & International
Jennifer van Buskirk Regional President-Northeast
David Christopher President-AT&T Mobility & Entertainment
John T. Stankey President & Chief Operating Officer
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