WarnerMedia to Sell Office Space at 30 Hudson Yards to Affiliate of Related

NEW YORK–(BUSINESS WIRE)–WarnerMedia, an operating company of AT&T (NYSE:T),
has signed an agreement with an affiliate of Related Companies to sell
its space at 30 Hudson Yards for approximately $2.2 billion. The
transaction is expected to close in late second-quarter 2019.

WarnerMedia has an agreement to lease the space at 30 Hudson Yards
through early 2034. AT&T will use proceeds from this transaction, along
with additional planned sales of non-core assets, to reduce its debt.

*About AT&T

AT&T Inc. (NYSE:T)
is a diversified, global leader in telecommunications, media and
entertainment, and technology. It executes in the market under four
operating units. WarnerMedia’s HBO, Turner and Warner Bros. divisions
are world leaders in creating premium content, operate one of the
world’s largest TV and film studios, and own a world-class library of
entertainment. AT&T Communications provides more than 100 million U.S.
consumers with entertainment and communications experiences across TV,
mobile and broadband services. Plus, it serves nearly 3 million business
customers with high-speed, highly secure connectivity and smart
solutions. AT&T Latin America provides pay-TV services across 11
countries and territories in Latin America and the Caribbean, and is the
fastest growing wireless provider in Mexico, serving consumers and
businesses. Xandr provides marketers with innovative and relevant
advertising solutions for consumers around premium video content and
digital advertising through its AppNexus platform.

AT&T products and services are provided or offered by subsidiaries and
affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
Additional information is available at about.att.com. © 2019 AT&T
Intellectual Property. All rights reserved. AT&T, the Globe logo and
other marks are trademarks and service marks of AT&T Intellectual
Property and/or AT&T affiliated companies. All other marks contained
herein are the property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

Information set forth in this news release contains financial estimates
and other forward-looking statements that are subject to risks and
uncertainties, and actual results might differ materially. A discussion
of factors that may affect future results is contained in AT&T’s filings
with the Securities and Exchange Commission. AT&T disclaims any
obligation to update and revise statements contained in this news
release based on new information or otherwise.

This news release may contain certain non-GAAP financial measures.
Reconciliations between the non-GAAP financial measures and the GAAP
financial measures are available on the company’s website at https://investors.att.com.

Contacts

Erin McGrath
AT&T Inc.
Phone: (214) 862-0651
Email: erin.mcgrath@att.com