ATT is selling its majority stake in DirecTV to private equity firm TPG Partners for 7.6 billion, ending the communication giant's remaining ties to the entertainment industry.
ATT said Monday in a filing with the Securities and Exchange Commission that it will receive payments from TPG and DirecTV for its remaining 70 stake in the satellite TV company. This includes 1.7 billion in the second half of the year and 5.4 billion next year. The remaining amount will be paid in 2029.
ATT purchased DirectTV for 48.5 billion back in 2015 . But in 2021, following the loss of millions of customers, ATT sold a 30 stake of the business to TPG in a deal valued at 16.25 billion.
Like many traditional TV providers, DirecTV has been dragged down by dwindling demand and other headaches in the ever-evolving media landscape.
At the start of September, DirecTV's 11 million subscribers abruptly lost access to ESPN, the ABC-owned stations and other Disney-owned channels such as FX and National Geographic in a dispute over carriage fees and programming flexibility. After a nearly two-week blackout, DirecTV said it had reached a deal with Walt Disney Co. to restore the stations .
