AT&T exploring IPO of DirecTV business in Latin America


AT&T announced that is exploring an initial public offering (IPO) of a minority interest in DirecTV Latin America business, in the first half of the year. The company said it has confidentially filed a registration statement with U.S. regulators.
In Latin America, AT&T owns 100% of DirecTV Panamericana, which operates in countries such as Argentina, Venezuela, Chile, Colombia and Peru, among others, and 93% of SKY Brasil. In Mexico, it owns 41% stake of SKY in partnership with Televisa.
Last year, Reuters reported, citing people familiar with the matter, that AT&T was evaluating the potential sale of its pay TV operations in Latin America. In turn, in October of 2017 Bloomberg reported the telecommunications company was working with advisers on a possible public offering, in order to reduce debt from its planned takeover of Time Warner, valued at USD 85.4 billion, that still has not been approved in the United States.
AT&T completed the acquisition of DirecTV Latin America in July 2015 for USD 48.5 billion. At the end of 2017, the DTH operator reported 13.6 million subscribers in the region (excluding Sky Mexico).