Deal Dispatch: Telecom M&A Heats Up, Wolfspeed Preps For Bankruptcy – Lumen Technologies (NYSE:LUMN), Charter Communications (NASDAQ:CHTR)

NSFW content platform OnlyFans is seeking a tantalizing $8 billion price tag.

Leonid Radvinsky‘s Fenix International, the UK-based parent company, is chatting with a consortium led by U.S. investment firm Forest Road Company. The group includes Disney and TikTok alum Kevin Mayer, because apparently, the natural career progression from Mickey Mouse to “mature content” is a short — and profitable — one.

OnlyFans boasts over 4 million content creators and 305 million fan accounts, with creators keeping 80% of what they earn. The other 20% goes to running the platform — and, you know, fueling those billion-dollar payouts.

While the company insists it’s more than adult content — think celebs like Iggy Azalea — the reality is it’s still very much making bank on letting the internet showcase its most unfiltered self.

Also for sale: Paramount Group, Inc. PGRE. The office space landlord announced it’s exploring a potential sale. Whether a lucrative deal can “maximize shareholder value” remains to be seen. CEO Albert Behler announced that Bank of America Securities and Latham & Watkins are tasked with running the process.

Meanwhile, there’s a c-suite shuffle going on with Ermelinda Berberi stepping up as the new CFO. This comes after the company revealed some eyebrow-raising fiduciary flubs: more than $4 million in “previously undisclosed” payments went toward CEO Behler’s personal expenses — including $900,000 for his accountants and $3 million for flights on a private jet company he partially owns.

Following these disclosures, the Wall Street Journal reported that some of Paramount’s top executives have exited the firm.

Updates From The Block

A trio of telecom deals grabbed this week’s headlines. The most recent transaction involves AT&T T, which is looking to spend $5.75 billion in cash.

The target is Lumen Technologies‘ LUMN consumer fiber business.

U.S. telecom dealmaking, it seems, is sizzling. On Monday, news broke of the Charter Communications, Inc. CHTR merger with Cox Communications. Then, the FCC approved Verizon‘s $20 billion acquisition of Frontier Communications.

These takeovers come as many regional and legacy telecom providers struggle to meet infrastructure investment demands. Larger players seize the opportunity to purchase assets at attractive valuations, consolidate operations, and eliminate redundancies.

For AT&T, the move reinforces its strategy of unifying its wireless and fiber offerings to meet increasing consumer demand for high-tech connectivity.

Lumen, meanwhile, is pivoting away from consumer services to concentrate on enterprise clients and the infrastructure needed to support artificial intelligence initiatives.

The trend isn’t exclusive to the U.S.

Off The Block

Spanish telecom company Telefonica agreed to sell its Uruguayan unit for $440 million to Luxembourg-based Millicom International.

Millicom, which operates as Tigo in the region, will gain 100% ownership of the unit and sees strategic infrastructure benefits for its nearby operations in Paraguay and Bolivia. The deal follows Millicom’s earlier acquisitions of Telefónica’s mobile units in Colombia, Panama, Costa Rica, and Nicaragua.

For Telefónica, the Uruguay sale is part of a broader divestment strategy aimed at reducing debt and limiting exposure to currency volatility. Since 2019, the Spanish telecom giant has been shedding assets across Latin America to refocus on its core European markets, including Spain, the UK, and Germany.

Recent moves include the sale of its Peruvian, Argentinian, and potentially Chilean and Mexican units.

Bankruptcy Block

Semiconductor supplier Wolfspeed WOLF is preparing to file for Chapter 11 bankruptcy within weeks, according to The Wall Street Journal. The company has been struggling with weak demand in the industrial and automotive sectors, as well as uncertainty from tariffs. Wolfspeed’s stock plunged over 57% in after-hours trading on Tuesday following the news. The bankruptcy filing is expected to have backing from a majority of its creditors, after the company rejected several out-of-court restructuring proposals.

Notes From The Block: Back To Telecom

According to Bain Capital, global telecom M&A took a breather in Q1 2025. Deal value dropped to $16 billion—down from $22 billion a year ago—suggesting that telcos may be suffering from a bit of a financial hangover after a strong 2024. The Americas still brought the most party favors, accounting for 64% of global activity.

The real stars of the quarter? Divestments. Crown Castle offloaded its U.S. fiber and small cells businesses for $4.25 billion, and Telia jettisoned its TV and media unit.

Meanwhile, those big-scale deals that were all the rage last year only made up 14% of Q1’s deal value—down from 47% a year ago. Still, they’ve held strong over the long haul, accounting for the biggest share (39%) of deal value over the past five years, followed by infrastructure divestments at 32%.

For last week’s edition of Deal Dispatch, click here.

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