AT&T Writes Off Over $1 Billion Of Venezuelan Assets

AT&T is wiping off $1.1 billion from its books or almost the entire value of DirecTV’s Venezuela assets using a more conservative exchange rate between Venezuela bolivars and U.S. dollars. The announcement comes about three months after AT&T completed its $48.5 billion acquisition of DirecTV. AT&T valuing Venezuela assets on conservative basis As reported by ValueWalk, AT&T spent $48.5 billion to acquire DirecTV, making AT&T the world’s largest pay-TV operator. DirecTV had valued its Venezuelan business at almost $1.2 billion at the end of June 2015 with an exchange rate of 6.3 Venezuela bolivars to $1. However, the Venezuela bolivar has fallen…