AT&T (NYSE:T) plans to sell its Vrio business unit, which provides live and on-demand video services in Latin America, to an Argentina-based investment group for an undisclosed sum.
AT&T has been downsizing its entertainment business as it looks to cut debt and focus on 5G and its core telecom business. Over the last few quarters, the company has announced deals to spin off its DirecTV satellite TV operations and its WarnerMedia business.
AT&T stock has underperformed this year, declining by about 5% versus the S&P 500 which is up almost 18%. However, we value the stock at $30 price share, about 10% ahead of the current market price.
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