A file photo dated January 17, 2013, showing the AT&T logo at Whitacre Tower, the AT&T global headquarters building at One AT&T Plaza in Dallas, Texas. File Photo by Larry W. Smith/EPA
AT&T announced on Monday it will sell its remaining 70% stake in DirecTV to the California private equity firm TPG totaling billions.
While the deal still has to clear customary closing hurdles, AT&T said it is expected to be completed by the second half of 2025. AT&T said the cost of the initial transaction with TPG was $19 billion and expected “an additional $7.6 billion of cash payment” following the agreement to sell its remaining stake. Advertisement
“Over the past three years, the company achieved financial outcomes consistent with its expectations that underpinned its decision to retain a 70% financial interest in DirecTV,” AT&T said in a statement.
“This sale allows AT&T to continue to focus on being the leading wireless 5G and fiber connectivity company in America.”
AT&T merged with DirecTV in 2015, with AT&T saying at the time that the marriage would increase customer entertainment options and access their favorite content on mobile devices and video streaming.
DirecTV was the subject of a public spat with Disney earlier this month over a carriage agreement that left more than 11 million DirectTV subscribers without ESPN and other popular channels. Some customers loss ESPN on DirecTV in the middle of the U.S. Open, leaving DirecTV with complaints from views around the country. Advertisement
