AT&T Latin America TV Assets Sale Could Be Challenging, New Street Analyst Says
Any AT&T divestiture of its DTV Latin America assets could be challenging, New Street Research analyst Jonathan Chaplin emailed investors Monday. He said reports AT&T may be trying to sell Sky Brasil are likely tied to getting Brazilian regulatory OK…
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for AT&T/Time Warner. Chaplin said while Telefonica Brasil is a likely buyer, it perhaps won't pay the reported $5 billion asking price. Chaplin said that while Telefonica, Millicom and John Malone-affiliated Lilac might want some of the other assets, such deals "will be more challenging" for regulatory and balance sheet reasons. He said AT&T would likely want to keep its 41 percent stake in Sky Mexico as it looks to sell its Sky Brasil and Panamericana direct broadcast satellite assets. AT&T in a statement said it expects buying TW to close before year's end and it's discussing "appropriate conditions" with Brazilian regulators and expects "to resolve any concerns with remedies similar to those we have agreed to in other jurisdictions. And we continue" to work with DOJ.