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AT&T (T.US) sells its stake in DirecTV to TPG (TPG.US) for $7.6 billion.
AT&T (T.US) announced on Monday that it will sell 70% of satellite television provider DirecTV's shares to private equity firm TPG (TPG.US) for $7.6 billion. Data shows that AT&T acquired DirecTV in 2015, and in 2021 signed a joint venture agreement with TPG, with TPG contributing approximately $1.8 billion to own 30% of DirecTV valued at about $16 billion at the time. AT&T stated that after the sale, the company will focus on its core wireless and fiber optic connectivity business, which will help improve its balance sheet.
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DirecTV will acquire Echostar Communications (SATS.US)'s Dish, after the merger will become the largest pay tv service provider in the USA.
DirecTV and Dish have agreed to merge, creating the largest pay TV provider in the United States.
Wolfe Research Adjusts Price Target on AT&T to $24 From $23, Maintains Outperform Rating
AT&T Is Getting Out of the TV Business
AT&T Gets Major Exit Cue As DirecTV Clinches Dish Deal