AT&T is capping off its expansion into entertainment, selling a majority stake in satellite TV provider DirecTV to private equity firm TPG Partners for $7.6 billion.
The deal, announced Monday, comes more than a decade after AT&T agreed to buy DirecTV for $48.5 billion. It was intended to help compete with
But since then, the subscription TV business has been hurt by the defection of “cord cutters,” or customers who canceled their cable or satellite TV contracts in favor of streaming services like Netflix. In 2021, after losing millions of customers, AT&T sold a 30% stake in its business to TPG in a deal valued at $16.2 billion.
“This sale allows AT&T to continue to focus on becoming America’s leading wireless 5G and fiber connectivity company,” AT&T said in a statement Monday.
AT&T’s sale of the remaining 70% of DirecTV is expected to be completed in the second half of 2025.
Separately, DirecTV announced it would acquire satellite TV provider Dish from Echostar. The deal also includes Sling TV, which will be acquired for $1 plus approximately $9.8 billion in debt.
AT&T stock rose slightly before the market opened on Monday.
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