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John Stankey
AT&T to Sell Stake in DirecTV and Video Business to TPG
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hollywoodreporter.comTelecom giant AT&T, led by CEO John Stankey, has struck a deal to sell a minority stake in its satellite TV unit DirecTV, AT&T TV and its U-Verse business to private equity firm TPG.
The companies will form a new venture, to be called DirecTV, that will own and operate the pay video services. The deal values the unit at $16.25 billion.
AT&T will own 70 percent and TPG will own 30 percent of the new DirecTV, which will include all three of the aforementioned businesses.AT&T will receive $7.8 billion from the new venture after the spinoff is complete, including the assumption of $200 million in debt.
AT&T had in 2014 agreed to acquire DirecTV for $48.5 billion, or more than $67 billion including debt, and closed the deal in 2015. "We.
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