AT&T is aiming possible sale of CNN to pay its massive debt (November 15, 2020)
Fox Business Network senior correspondent Charlie Gasparino told Tucker Clarson on his political talk sho, Tucker Carlson Tonight, on Fox News that “CNN does not have Donald Trump to kick around anymore. Their rating will take a hit. They are owned by a company that financially unstable. $150 billion dollars in debt AT&T has. They need to cut cost” (November 14, 2020).
Banker speculation that this is for sale … active investors pushing it.
Gasparino: Bezos uninterested in CNN … for now.
AT&T INC. 2019 Annual Report
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Consolidated Balance SheetsDollars in millions except per share amounts |
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December 31, |
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2019 |
2018 |
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Assets |
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Current Assets |
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|
Cash and cash equivalents |
$ 12,130 |
$ 5,204 |
|
Accounts receivable – net of allowances for doubtful accounts of $1,235 and $907 |
22,636 |
26,472 |
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Prepaid expenses |
1,631 |
2,047 |
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Other current assets |
18,364 |
17,704 |
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Total current assets |
54,761 |
51,427 |
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Noncurrent inventories and theatrical film and television production costs |
12,434 |
7,713 |
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Property, Plant and Equipment – Net |
130,128 |
131,473 |
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Goodwill |
146,241 |
146,370 |
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Licenses – Net |
97,907 |
96,144 |
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Trademarks and Trade Names – Net |
23,567 |
24,345 |
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Distribution Networks – Net |
15,345 |
17,069 |
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Other Intangible Assets – Net |
20,798 |
26,269 |
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Investments in and Advances to Equity Affiliates |
3,695 |
6,245 |
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Operating lease right-of-use assets |
24,039 |
— |
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Other Assets |
22,754 |
24,809 |
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Total Assets |
$551,669 |
$531,864 |
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Liabilities and Stockholders’ Equity |
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Current Liabilities |
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Debt maturing within one year |
$ 11,838 |
$ 10,255 |
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Accounts payable and accrued liabilities |
45,956 |
43,184 |
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Advanced billings and customer deposits |
6,124 |
5,948 |
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Accrued taxes |
1,212 |
1,179 |
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Dividends payable |
3,781 |
3,854 |
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Total current liabilities |
68,911 |
64,420 |
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Long-Term Debt |
151,309 |
166,250 |
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Deferred Credits and Other Noncurrent Liabilities |
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Deferred income taxes |
59,502 |
57,859 |
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Postemployment benefit obligation |
18,788 |
19,218 |
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Operating lease liabilities |
21,804 |
— |
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Other noncurrent liabilities |
29,421 |
30,233 |
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Total deferred credits and other noncurrent liabilities |
129,515 |
107,310 |
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Stockholders’ Equity |
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Preferred stock ($1 par value, 5% cumulative, 10,000,000 authorized, |
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48,000 shares issued and outstanding at December 31, 2019 |
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and 0 issued and outstanding at December 31, 2018) |
— |
— |
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Common stock ($1 par value, 14,000,000,000 authorized at December 31, 2019 and December 31, 2018: issued 7,620,748,598 at December 31, 2019 |
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and at December 31, 2018) |
7,621 |
7,621 |
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Additional paid-in capital |
126,279 |
125,525 |
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Retained earnings |
57,936 |
58,753 |
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Treasury stock (366,193,458 at December 31, 2019 |
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and 339,120,073 at December 31, 2018, at cost) |
(13,085) |
(12,059) |
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Accumulated other comprehensive income |
5,470 |
4,249 |
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Noncontrolling interest |
17,713 |
9,795 |
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Total stockholders’ equity |
201,934 |
193,884 |
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Total Liabilities and Stockholders’ Equity |
$551,669 |
$531,864 |
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The accompanying notes are an integral part of the consolidated financial statements. |
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Reference:
Carlson, T. (November 15, 2020). Charlie Gasparino: AT&T is looking to sell CNN. Tucker Carlson Tonight. Retreived from https://video.foxnews.com/v/6209832798001#sp=show-clips