AT&T Has Cash It Needs for C-Band Buys, CFO Says

AT&T has $30 billion available after the C-band auction, where it was the second-highest bidder, Chief Financial Officer John Stephens told a Deutsche Bank virtual investor conference Monday. AT&T bid $23.4 billion and is likely on the hook for an additional $4 billion (see 2103040034). The carrier had $10 billion in cash Dec. 31 and secured almost $15 billion in financing, he said. Spending has “been managed, been well thought-out,” he said. The 80 MHz of C band that AT&T is getting “leaves us in a very healthy competitive position,” he said. Half of that is in the part that will be made available first, he said. “We'll continue to evaluate opportunities." Stephens said spinning off about one-third of its video distribution business to TPG (see 2102240046) means AT&T can more easily focus "more directly on our real pillars of 5G connectivity and fiber and software-based entertainment and customer experience.”