Trending: AT&T to Sell Its 70% DirecTV Stake to TPG for $7.6 Billion
10:08 ET -- AT&T is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. AT&T agreed to sell its remaining 70% share of DirecTV to private-equity firm TPG for roughly $7.6 billion in payments through 2029, sealing the telecom giant's exit from the entertainment industry. AT&T expects the deal to close in the second half of 2025. The tally includes $1.7 billion in distributions AT&T will receive this year, plus $5.4 billion of after-tax payments in 2025 and $500 million in 2029. AT&T said its exit from DirecTV fits its strategy to pay down debt and refocus on its cellphone and broadband businesses. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)
(END) Dow Jones Newswires
September 30, 2024 10:23 ET (14:23 GMT)
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