AT&T to sell its LatAm DirecTV business to Grupo Werthein

AT&T Inc said on Wednesday it would sell Vrio Corp, its DirecTV business unit in Latin America, to Argentina-based investment group Grupo Werthein after taking a $4.6 billion impairment charge.

The telecom operator said it took the impairment charge in the second quarter of 2021 as it had classified Vrio as “held-for-sale”.

The company did not reveal the deal value at which it will sell Vrio to Grupo Werthein. AT&T is scheduled to report its second quarter results on Thursday.

The deal comes amid tough competition for cable television service providers as the industry battles with customers cancelling accounts and moving to video streaming services such as Netflix Inc and Walt Disney Co’s Disney+.