That’s the question on some minds as the PGA Tour nears the end of its current television contracts in 2021 and looks to potentially line up suitors for both broadcast and cable rights.
AT&T, with golf-loving CEO Randall Stephenson, who also sits on the PGA Tour Policy Board, is believed to have an interest in a major investment, even potentially turning a current channel acquired from Time Warner into a standalone sports or golf network.
But Nabila Ahmed, Eben Novy-Williams and Scott Moritz write for Bloomberg, a sale of its regional sports networks appears all about reducing debt after $180 billion in acquisitions of DirecTV and Time Warner.
A sale of the regional sports networks -- known as must-see content for avid fans -- highlights AT&T’s ongoing struggle to fix a debt-heavy balance sheet. The company, which has to spend money on a number of priorities, including an expansion of its 5G wireless network, has been financially handcuffed after amassing more than $180 billion in debt with the acquisitions of DirecTV and Time Warner Inc.
Despite a steady decline in TV subscribers, AT&T Chief Executive Officer Randall Stephenson has said the company’s top priority this year is to reduce debt. As part of that plan, he has been raising cash by selling holdings, including its stake in Hulu and its New York offices. The two deals fetched $3.6 billion in proceeds.