AT&T (T.US) said on Monday it will sell its entire 70 percent stake in satellite TV provider DirecTV to private equity firm TPG (TPG.US) for $7.6 billion.
AT&T acquired DirecTV in 2015 and signed a joint venture agreement with TPG in 2021, in which TPG invested about $1.8 billion to own a 30% stake in DirecTV, valued at about $16 billion at the time, according to the data.
AT&T said that after the sale, the company will focus on its core wireless and fiber-optic connectivity businesses and help improve its balance sheet.