AT&T sells remaining stake in DirecTV for $7.6 billion as it bows out of entertainment
CBSN
AT&T is lowering curtain on its foray into the entertainment business, selling its majority stake in satellite TV provider DirecTV to private equity firm TPG Partners for $7.6 billion.
The deal, announced Monday, comes more than a decade after AT&T agreed to buy DirecTV for $48.5 billion, an acquisition that was designed to give the telecom giant a larger base of video subscribers and help it compete against rivals.
But since then, the subscription TV business has been hit by defections from "cord cutters," or customers who have canceled their cable or satellite TV subscriptions in favor of streaming services such as Netflix. In 2021, following the loss of millions of customers, AT&T sold a 30% stake of the business to TPG in a deal valued at $16.2 billion.
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