Media M&A Deals Put on Hold After Outbreak Dries Up Financing

Media companies including AT&T Inc. and ViacomCBS Inc. are pressing the pause button on asset sales worth more than $5 billion because of the global coronavirus pandemic, according to people familiar with the matter.

AT&T’s auction of four regional sports networks, ViacomCBS’s offloading of its publishing arm and closely-held Ion Media Networks Inc.’s $3.5 billion sale process have been held up amid a downturn in financing markets, the people said, asking not to be identified as the matter is private.

ViacomCBS was poised to kick off its sale process for the Simon & Schuster publishing division right before the ...