Puerto Rico

AT&T sells off assets in the Caribbean

Photo: Smith Collection/Gado/Getty Images

As pressure mounts from an activist investor, AT&T said Wednesday it will sell its wireless and wired assets in Puerto Rico and the U.S. Virgin Islands for about $2 billion to Liberty Latin America.

Why it matters: AT&T is looking for assets to sell to alleviate debt, and analysts say the properties in the hurricane-prone islands are a logical target.

FCC funds broadband expansion in Puerto Rico, Virgin Islands

People try to get a cellphone signal in Puerto Rico after Hurricane Maria took down telecommunications networks
People try to get a signal before a cellular communications tower on the expressway in Dorado, Puerto Rico, in 2017 in the aftermath of Hurricane Maria. Photo: Hector Retamal/AFP/Getty Images.

The Federal Communications Commission on Thursday approved a total of $950 million to bolster broadband networks in Puerto Rico and the U.S. Virgin Islands, 2 years after the islands sustained severe damage from Hurricanes Maria and Irma.

Why it matters: Hurricanes can wreak havoc on communications networks, making rescue and recovery efforts even more difficult.