Rapidly chiseling away at its mountain of debt, AT&T Corp. has struck two separate deals to sell its 10 percent stake in Japan Telecom Co. for $1.35 billion and some cable TV systems in four states for about $2.2 billion. The transactions, unveiled Tuesday, will help reduce AT&T's debt to about $42.5 billion, down from a peak of $62 billion in the fall.
The Japan Telecom stake is being sold to Vodafone Group PLC, giving the British wireless company 25 percent of Japan's third biggest phone company.
AT&T also announced an agreement to sell cable systems serving about 840,000 basic subscribers in Georgia, Illinois, Iowa and Missouri to Mediacom Communications Corp.
Mediacom, based in Middletown, N.Y., will more than double its customer base with the acquisition, serving 1.6 million cable subscribers in 23 states.
The sale would leave AT&T Broadband with about 15 million cable TV subscribers across the nation.