AT&T announces deal to spin off DirecTV into new company owned by… AT&T
news.movim.eu / ArsTechnica · Thursday, 25 February, 2021 - 22:17
AT&T said its deal with private equity firm TPG Capital values the TV business at $16.25 billion. A press release said that AT&T and TPG "will establish a new company named DirecTV that will own and operate AT&T's US video business unit consisting of the DirecTV, AT&T TV, and U-verse video services."
AT&T will own 70 percent of the spun-off DirecTV company's common equity while TPG will own 30 percent. DirecTV in its new form "will be jointly governed by a board with two representatives from each of AT&T and TPG, as well as a fifth seat for the CEO, which at closing will be Bill Morrow, CEO of AT&T's US video unit," the announcement said.