Highly indebted WarnerMedia parent AT&T has received bids for DirecTV that value the satellite broadcaster at more than $15 billion, according to a report Wednesday in the Wall Street Journal.
A spokesman for AT&T declined to comment.
Two of the bids came from private equity firm Apollo Global Management and from Churchill Capital Corp, a SPAC, or special purpose acquisition vehicle, run by former media banker Michael Klein, the WSJ said. There are a glut of these so-called bank check firm looking for companies to acquire and take public. It said a deal could potentially close early next year.
AT&T, with about $149 billion in debt, much of it assumed in the Time Warner acquisition, has been shedding some non-core assets. Executives, including CEO John Stankey at a media conference yesterday — have promised to sell more. DirecTV like most of the traditional pay-TV universe, has been leaking subscribers but still brings in lots of cash.
AT&T shares are up more than 2% in a down market Wednesday.