AT&T is selling its majority stake in DirecTV to private equity firm TPG Partners for 7.6 billion dollars (£5.68 billion), ending the communication giant’s remaining ties to the entertainment industry.
The firm said in a filing with the US 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 dollars (£1.27 billion) in the second half of the year and 5.4 billion dollars (£4.03 billion) next year. The remaining amount will be paid in 2029.
AT&T said that the deal will allow it to focus on being a wireless 5G and fibre connectivity company and strengthen its balance sheet.
The transaction is expected to close in the second half of 2025.
