December 25, 2001, 7:26 AM — AT&T Corp. has finished selling off its stake in AT&T Wireless Services Inc., the third largest U.S. wireless operator, AT&T said Monday.
AT&T Wireless initially split from AT&T in July this year. At that time, AT&T continued to hold 91 million shares in the company, or roughly 3.6 percent of the stock, however it stated an intention to sell off the stock and reduce its share to zero -- something that it has now completed. The sale was done at prevailing market prices, according to an AT&T statement.
The sale marks the second slimming down of AT&T within a week following Wednesday's announcement that AT&T had reached a deal to sell its cable television and broadband unit, AT&T Broadband, to Comcast Corp. The deal is expected to close within 2002 and will create a new company, AT&T Comcast Corp., that will serve around 22 million customers.