AT&T reportedly sold two major property holdings and began relinquishing naming rights to a Texas sports stadium, as it continues to cash in non-core assets to fund network investment and pay down debt.
Associated Press reported the CNN Center in Atlanta, part of AT&T’s WarnerMedia unit, was sold to property management company CP Group for an undisclosed sum.
WarnerMedia is expected to lease space for several years before moving CNN to another area in the city. It is the second WarnerMedia asset to be sold separately since a deal to combine the business with Discovery [1] was announced in May: last month AT&T lined up the sale of the unit’s Playdemic division [2] to Electronic Arts for $1.4 billion.
Other reports state AT&T also sold its downtown headquarters in Pittsburgh, Pennsylvania to New York-based Reign Capital for $25.7 million. The operator is expected to remain as a tenant.
AT&T opted not to renew naming rights for a stadium housing the San Antonio Spurs basketball team, with Front Office Sports reporting the operator also sold a minority stake in the team.
Front Office Sports added AT&T explained the moves were part of an “ongoing strategic review” of its assets.
AT&T is expected to save roughly $2 million a year by not renewing the sponsorship deal and reportedly netted more than $100 million from the stake sale.
Its current sponsorship will end in late 2022.
[1] https://www.mobileworldlive.com/featured-content/home-banner/att-discovery-media-deal
[2] https://www.mobileworldlive.com/featured-content/top-three/ea-playdemic-att
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