From Fox Business:
AT&T Inc. agreed to sell a stake in its pay-TV unit to private-equity firm TPG and carve out the struggling business, pulling the telecom giant back from a costly wager on entertainment.
The transaction would move the DirecTV and AT&T TV services in the U.S. into a new entity that will be jointly run by the new partners. AT&T will retain a 70% stake in the business. TPG will pay $1.8 billion in cash for a 30% stake.
AT&T EXPLORING A DEAL FOR DIRECTV (AGAIN)
The deal values the new company at $16.25 billion with about $6.4 billion of debt. That is well below the $49 billion — about $66 billion including debt — that the Dallas company paid to buy international satellite operator DirecTV in 2015. AT&T recently struck $15.5 billion off the value of the unit, reflecting the service’s dimmer prospects.
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