AT&T completes spinoff of its shrinking DirecTV unit

AT&T has completed its spinoff of struggling satellite TV provider DirecTV in a deal backed by private-equity firm TPG.

Earlier this year, the telecom giant announced the sale, which valued DirecTV and other satellite properties at $16.25 billion — a fraction of the $48.5 billion AT&T shelled out for it in 2015 under former chief executive Randall Stephenson.  Under the deal terms, AT&T sold a 30 percent stake in DirecTV, AT&T TV and its U-Verse to TPG in exchange for $1.8 billion in cash, making DirecTV a standalone company. AT&T still owns a 70 percent stake of the satellite TV firm.