AT&T said on Monday it would consider adding two new board members and selling off up to $10 billion worth of non-core businesses next year, bowing to pressure from activist investor Elliott Management.
In a letter to shareholders supporting the plan, Elliott Management said AT&T would evaluate all potential CEO candidates and separate the role of Chairman and CEO.
A source familiar with the matter said Monday that Elliott is supportive of the board member AT&T is expected to nominate this year at the next board meeting. One such sale was announced over the weekend. Investment group PPF, owned by the Czech Republic's wealthiest businessman, Petr Kellner, has agreed to buy broadcaster Central European Media Enterprises in a cash deal valued at about $2.1 billion, marking the exit of AT&T, CME's largest shareholder.
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