AT&T announced it will sell its 70% stake in DirecTV to private equity firm TPG for over $7 billion, marking its exit from the satellite TV business. In 2021, AT&T entered a joint venture with TPG, which invested over $1 billion for a 30% stake in DirecTV. The agreement included a three-year restriction on selling its stake, which expired on July 31. The deal allows AT&T to sharpen its focus on its wireless and fiber operations and improve its balance sheet.
Category
đź—ž
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02AT&T announced it will sell its 70% stake in DirecTV to private equity firm TPG for
00:08over $7 billion, marking its exit from the satellite TV business.
00:13In 2021, AT&T entered a joint venture with TPG, which invested over $1 billion for a
00:1930% stake in DirecTV.
00:21The agreement included a three-year restriction on selling its stake, which expired on July
00:2631st.
00:27The deal allows AT&T to sharpen its focus on its wireless and fiber operations and improve
00:32its balance sheet.
00:33For all things money, visit Benzinga.com.