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News > Deals
AT&T to spin off Liberty
November 9, 2000: 5:53 p.m. ET

AT&T planning to spin off remaining stake in Liberty Media Group
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NEW YORK (CNNfn) - AT&T is planning to shed Liberty Media Group, one of the options the company promised regulators to gain approval of its acquisition of MediOne Group Inc., according to a published report.

Liberty Media Chairman John C. Malone told the Financial Times AT&T is getting ready to spin off his company, and he also expected AT&T to sell its 25.5 percent stake in CNNfn.com parent company Time Warner's (TWX: Research, Estimates) Time Warner Entertainment.

On Wednesday, AT&T Chairman Michael Armstrong confirmed his company would be selling assets to reduce its some $62 billion in debt.

Standard & Poor's credit-rating service lowered its rating Monday on AT&T (T: Research, Estimates) to A from AA-, keeping it on watch for a possible downgrade, while Moody's Investors Service also has the telecom company on watch for a downgrade.

One analyst said the company has to consider these measures because of falling revenue in its consumer long-distance business and a reluctance to saddle its new entities with too much debt after the company splits into four separately traded companies. graphic

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.