AT&T Inc., about three months after
completing its $48.5 billion acquisition of DirecTV, is erasing $1.1 billion
from its books -- or almost the entire value of DirecTV’s Venezuela assets
based on a more conservative currency exchange rate. DirecTV had valued its
Venezuelan business at $1.17 billion as of June 30, using a rate of 6.3
Venezuela bolivars to $1. AT&T, which values its cash and assets in
Venezuela as effectively stranded, is now applying an exchange rate of 200
bolivars to $1, according to a filing last month. This would reduce the
Venezuela asset value to about $75 million. More…
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