AT&T to Spin Off DirecTV Unit in Deal With TPG
February 25 2021 - 5:04PM
Dow Jones News
By Drew FitzGerald
Breaking news:
AT&T Inc. agreed to spin off its pay-TV business with
private-equity firm TPG in a deal that would form a new company
valued around $16.25 billion, including debt, pulling the telecom
giant back from a costly wager on entertainment.
The transaction would move the DirecTV and AT&T TV services
in the U.S. into a new entity to be jointly run by the telecom
company and the private-equity firm. AT&T will retain a 70%
stake in the business. TPG will pay $1.8 billion cash for a 30%
stake.
(More to come)
Write to Drew FitzGerald at andrew.fitzgerald@wsj.com
(END) Dow Jones Newswires
February 25, 2021 16:49 ET (21:49 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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