S&C Advises Longtime Client AT&T in its $1.43 Billion Sale of Minority Stake in Hulu

April 25, 2019

AT&T, a diversified global, leader in telecommunications, media and entertainment and technology, announced on April 15, 2019 its agreement with Hulu, LLC to sell back its minority stake in the streaming video joint venture. The transaction valued Hulu at $15 billion, with AT&T's 9.5% interest valued at $1.43 billion.

In 2018, S&C represented longtime client AT&T in its 2018 acquisition of Time Warner Inc. for approximately $108.7 billion, through which AT&T acquired its interest in Hulu, as well as Time Warner's net debt. The proceeds of the most recent transaction will help retire $30 billion of remaining debt from the acquisition, and also free resources for new ventures in the streaming services industry. 

The S&C team was led by corporate partner Eric Krautheimer with support from Isaac Wheeler on tax matters.