AT&T's YPG vs YLO AT&T's YPG Q1 EBITDA was $197M. YLO's was $146M. Since the Cerberus deal occured in April, I'm pretty sure they had a pretty clear look into Q1 so they took that into account when making a deal. $146M/$197M is 74.1%. Valuing the AT&T business at $1,792M, 74.1% of that is $1,328M, a far cry higher than stockbagger's BS version.
Also, a strong case can be made that the YLO business should be valued much higher than the AT&T one. YLO's EBITDA dropped 23% on over 50% EBITDA margin quarter over quarter. YPG's dropped 33% on 26.5% EBITDA margin. AT&T's business is toxic and got purchased. Their EBITDA margin declined an additional 2% from Q4. There's nothing wrong with YLO's business other than the fact that it's scaling down, it's only the capital structure that's messed up. YLO's EBITDA margin rose from Q4 3.5%. I know that comparing Q4 to Q1 is supposedly not apt thanks to seasonality, but in this case it is since online revenues as a % of total are higher than ever and it shows that the supposed decline in profitability once the business transforms is greatly overexaggerated.
Tellier is an absolute goof to use the YPG business as an excuse to draw down the goodwill. Will either a goof or a snake to make a restructure deal look more plausible. Maybe it's option #2.