AT&T selling most of Cablevision stake
AT&T will seek to sell most of its 30 percent stake in Cablevision Systems, according to a Securities and Exchange Commission filing. Liberty Media (which owns a stake in Cablevision), Time Warner Cable (the second-largest cable operator), Paul Allen’s Charter and others could surface as potential buyers.
AT&T would use the proceeds to pay down its $50 billion-plus debt. It was recently exempted for the time being from having to sell off such outside cable interests to comply with regulatory ownership conditions placed on its MediaOne Group acquisition last year.
AOL TW selling $3 billion in debt securities
AOL Time Warner will offer $3 billion in debt securities with five-, 10- and 30-year maturities, the proceeds from which will be used to pay short-term bank debt and for general corporate purposes.
The global offerings will be managed by Banc of America Securities, J.P. Morgan Chase and Salomon Smith Barney.
In January, the company filed to offer $10 billion in debt securities, preferred stock, series common stock and warrants. The company is expected to make strategic acquisitions as well.