Selling a wireless spectrum and its share of A&E plus a lot of debt: 

The bottom line is that there's a lot of debt here. The A+E Networks and Verizon spectrum sales account for $5.6 billion of ready cash, and the company’s margins are comfortably wide, but of course it’s also a huge operation that has to have a certain amount of liquidity to function. It’s a safe bet that, at the very least, the ~$3 billion in bonds just issued are a part of this package, not to mention the $4 billion in newly announced senior notes and some part of the other debt issued over the last two years.

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