Communications giant AT&T has agreed to sell its remaining 70% stake in US pay-TV firm DirecTV to private equity outfit TPG Partners for $7.6bn.
The deal ends AT&T’s remaining ties to the entertainment industry, having spun off WarnerMedia in 2022.
AT&T acquired DirecTV in 2015, selling a 30% stake in the business to TPG in 2021.
AT&T said the sale allows it to “continue to focus on being the leading wireless 5G and fibre connectivity company in America” and that it would strengthen its balance sheet by pulling forward cash expected over the next several years.
The company expects the transaction to close in the second half of 2025.
“This transaction is the right next step for DirecTV as we advance our vision and continue to evolve our product to offer consumers the broadest array of content,” said Bill Morrow, CEO of DirecTV. “Our team is the best in the business, and we are driven to provide innovative video services with an outstanding customer experience. We are eager to deepen our support from TPG and invest in our video services to benefit customers nationwide.”
David Trujillo, Partner at TPG, said “DirecTV will be in a stronger position to reinvigorate its core product offerings and accelerate investment in its next-generation streaming service. We look forward to continuing to support DirecTV, alongside its talented team, to accelerate the company’s strategic vision.”
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