Sony Pictures Entertainment Acquires AT&T Stake in Game Show Network
AT&T Inc. (T)
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Source: Business Wire
CULVER CITY, Calif. & DALLAS--(BUSINESS WIRE)--Sony Pictures Entertainment (“SPE”) and AT&T Inc.* (NYSE:T) today announced that SPE has acquired AT&T’s minority stake in Game Show Network, LLC (“Game Show Network”). SPE now owns 100% of the multimedia entertainment company offering original and classic game programming to millions of subscribers through the U.S.-based cable network. It also offers online and mobile games to millions of users through GSN Games. Following the transaction, the Game Show Network channel will continue to be carried on DIRECTV.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191118005828/en/The sale is consistent with AT&T’s strategy to monetize non-strategic assets as it de-levers its balance sheet and begins to retire shares. Prior to the transaction, SPE owned a 58% stake in Game Show Network, and AT&T owned the remaining 42%. In connection with the transaction, AT&T received approximately $
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