AT&T is shedding its stake in Rainbow Media Group, planning to use the
cash to repay debt.
AT&T registered the 24% stake to be sold in two
parts, 60% to the public and 40% to support trust securities tied to the
Selling derivatives to the shares will limit the tax bite on the proceeds.
The shares are worth around $530 million. AT&T earlier raised $1.5 billion by selling shares of Rainbow's parent company, Cablevision.
- John M. Higgins