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AT&T To Consider Selling $10 Billion In Assets While Adding New Directors

AT&T announced on Monday that it will be adding two new board members.

At the same time, the company will consider whether or not it should sell $10 billion worth of non-core assets next year under pressure from activist investor Elliott Management.

Elliott revealed its $3.2 billion stake in AT&T in September, and has since been pushing for some changes. The activist investor is pressing AT&T to cut costs and scale back its current expansion plans. In order to do so, Elliott has pushed for AT&T to make some managerial changes, which has now been done. According to Reuters, the two sides met to discuss these issues earlier in October.

The telecommunications giant has been facing some significant financial challenges. The company has been on a selling spree, trying to reign in its enormous debt, which was $153.5 billion as of the end of the third quarter. The recent spree has seen AT&T sell assets around the world.

AT&T, for its part, has said that it expects current CEO Randall Stephenson to remain in his position until the end of 2020 at least. Despite this announcement, a letter sent from Elliott Management to AT&T shareholders said that AT&T would evaluate all potential Chief Executive candidates. “We commend AT&T for the positive steps announced today, which will create substantial and enduring shareholder value at one of America’s greatest companies,” Elliott Management said in a statement.

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