AT&T sells rest of wireless
By Our Corporate Bureau | 26 Dec 2001
Mumbai: AT&T Corporation, the No 1 long-distance telephone company that recently accepted Comcast's bid for its cable television unit, has sold off its remaining stake in AT&T Wireless for about $1.2 billion, CNN has reported.
New York-based AT&T sold about 91 million shares at prevailing market prices in the third-largest US wireless telephone company, the company has said. AT&T spun off part of the unit as a separate company in July 2001. Since then, it has been auctioning off its assets in a bid to shrink about $65 billion in debt.
Last week's deal with Comcast concluded an almost five-month battle between a host of suitors for the cable TV business, America's biggest. Comcast, the No 3 cable operator, agreed to buy the business for about $47 billion in stock.
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