From The Dallas Morning News:
Six years after AT&T swallowed DirecTV with ambitious plans to modernize the satellite TV business, the telephone company has retreated, returning DirecTV to its roots as a stand-alone company.
On Monday, AT&T completed its spinoff of DirecTV, taking $7.1 billion in cash and 70% interest in the new DirecTV. Private equity giant TPG, which contributed $1.8 billion, owns 30% of the new privately held company.
The new DirecTV is made up of AT&T’s three TV distribution businesses: the namesake satellite TV service, the legacy U-verse and the streaming offer, AT&T TV. The AT&T brand will be stripped away as part of DirecTV’s efforts to simplify its message and repair its reputation among consumers.
“It’s a new day and a new DirecTV,” Bill Morrow, DirecTV chief executive, said in an interview.
Do you have a complaint about AT&T, such as hidden fees on your bill or unsatisfactory service? Take your claim to FairShake, the consumer advocacy service.