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MarketScreener Homepage  >  Equities  >  Nyse  >  AT&T    T

AT&T

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AT&T : Sells its 10% of Hulu Back, Valuing the Company at $15B

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04/17/2019 | 08:35am EST

AT&T saw a tidy profit on Hulu, and in only a few years. Three years ago, Time Warner bought a minority stake in the streaming service for $600 million. Yesterday, AT&T sold that minority position (which is actually 9.5%) for $1.43 billion. That puts the total value of Hulu at $15 billion.

As for why AT&T wanted to sell, note that Time Warner was acquired by AT&T in June 2018, and is now know as WarnerMedia. It's launching its own direct-to-consumer service in the near future. Speaking today at a conference, a WarnerMedia vice president said the company is planning to launch the as-yet-unnamed service toward the end of the current fiscal year.

While the sale generated headlines, it was telegraphed long ago. AT&T had let it be known that it would sell its minority position in Hulu and use the funds to reduce debt from the Time Warner acquisition.

While WarnerMedia is no longer an owner, the two companies seem to be on good terms. "WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live, and on demand, all in one place," noted Hulu CEO Randy Freer in a statement. What's unknown is how long WarnerMedia will continue to license content to Hulu after it's own service is up and running.

The latest tally on Hulu ownership is as follows: Disney owns 60% (following its acquisition of 21st Century Fox), Comcast/NBCUniversal owns 30% (and isn't looking to sell), and the remainder will be allocated between Disney and Comcast. Variety suggests that will leave Disney with two-thirds and Comcast/NBCU with one-third.

(c) 2019 palestinechronicle.com 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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