AT&T sells 70% stake in DirecTV to private equity firm TPG for $7.6 bn

AT&T said on Monday it would sell its entire 70 per cent stake in satellite TV provider DirecTV to private equity firm TPG for $7.6 billion, exiting a business marked by declining distributions for the telecom operator.

AT&T, which acquired DirecTV in 2015, signed a joint-venture agreement with TPG in 2021, in which the private equity firm contributed about $1.8 billion in cash in exchange for a 30 per cent stake in DirecTV that was valued at about $16 billion at the time.