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Bloomberg
Media companies including AT&T Inc. and ViacomCBS Inc. are pressing the pause button on asset sales worth more than $5 billion because of the global coronavirus pandemic.
AT&T’s auction of four regional sports networks, ViacomCBS’s offloading of its publishing arm and closely-held Ion Media Networks Inc.’s $3.5 billion sale process have been held up amid a downturn in financing markets, the people said, asking not to be identified as the matter is private.
ViacomCBS was poised to kick off its sale process for the Simon & Schuster publishing division right before the crisis hit the US. ViacomCBS Chief Executive Officer Bob Bakish announced the plan in early March at an investor conference.
The company had expected the business to fetch more than $1.2 billion, Bloomberg News had earlier reported. It’s unclear when ViacomCBS will relaunch the sales process, said one of the people, who asked not to be identified because the matter is private.
AT&T has put on hold its sale of regional sports networks, which includes rights to teams such as hockey’s Pittsburgh Penguins, basketball’s Houston Rockets and baseball’s Seattle Mariners, the people said.
AT&T had been seeking close to $1 billion for the assets. Live sports have taken a major hit as professional leagues have suspended play. An AT&T representative declined to comment.