AT&T sells 70% stake in DirecTV to TPG for $7.6 billion

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AT&T sells 70% stake in DirecTV to TPG for $7.6 billion

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

AT&T in 2021 signed a ******-venture agreement with TPG, which contributed about $1.8 billion in cash in exchange for a 30% stake in DirecTV that was valued at about $16 billion at the time.

The telecom company had agreed not to sell its stake in DirecTV for a three-year *******, which expired on July 31.

The stake ***** would allow AT&T to focus on its core wireless and fiber connectivity operations and help improve its balance sheet.

AT&T would receive an initial payment of $2 billion in 2025, and additional payments through 2029, the company said in a filing on Monday.

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