Press release

AT&T Closes Sale of Puerto Rico and U.S. Virgin Islands Operations to Liberty Latin America

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AT&T Inc. (NYSE: T) announced today that it has completed the sale of its wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America. The transaction includes employees; network assets and spectrum; real estate and leases; customers, including more than 1 million wireless subscribers; and contracts.

AT&T will retain DIRECTV and certain global business customer relationships and FirstNet responsibilities and relationships. Eligible first responders subscribing to FirstNet in Puerto Rico and the U.S. Virgin Islands will still have access to the benefits and capabilities — including always-on priority and preemption — of the FirstNet platform.

AT&T is receiving $1.95 billion in cash and plans to use the proceeds to redeem all of the preferred interests in a subsidiary (PR Holdings). The company continues to pursue additional non-core asset monetization opportunities.

*About AT&T

AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. Xandr, now part of WarnerMedia, provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its platform. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across TV, mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. AT&T Latin America provides pay-TV services across 10 countries and territories in Latin America and the Caribbean and wireless services to consumers and businesses in Mexico.

AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. © 2020 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. FirstNet and the FirstNet logo are registered trademarks and service marks of the First Responder Network Authority. All other marks contained herein are the property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T’s filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company’s website at https://investors.att.com.