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AT&T exits showbiz, sells remaining stake in DirecTV to private equity firm TPG for $7.6 billion

FILE - The company logo hangs over the door to a AT&T telephone store Thursday, Feb. 22, 2024, in Denver. (AP Photo/David Zalubowski, File)

By Michelle Chapman, The Associated Press

Posted Sep 30, 2024 07:56:23 AM.

Last Updated Sep 30, 2024 08:01:16 AM.

AT&T 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.

AT&T 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.

AT&T said that the deal will allow it to focus on being a wireless 5G and fiber connectivity company and strengthen its balance sheet.

The transaction is expected to close in the second half of 2025.

Michelle Chapman, The Associated Press

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