AOL Time Warner this week sold its 8.4 percent stake in Hughes Electronics for around $800 million. AOL sold the stake in Hughes–parent of DirecTV, Hughes Network Systems, and PanAmSat [SPOT]–in a block trade to Bank of America, which is expected to resell the shares on the open market, according to the Wall Street Journal. The media giant needs to shed $26 billion in debt, and has been looking at asset sales, including its book publishing division and other non-core assets.
AOL Time Warner Sells Hughes Stake
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