Market Updates
AT&T Agreed to Sell Direct TV Stake, Paving the Way to Merge with Dish Tv
Scott Peters
30 Sep, 2024
New York City
AT&T edged up 0.3% to $21.95 after the company said it has agreed to sell its 70% stake in satellite TV company DirectTV Entertainment Holding LLC to a private equity firm TPG for about $7.6 billion in cash payments stretching to 2029.
AT&T will receive $1.7 billion in cash at the time of completion of the deal, $5.4 billion in payment in 2025, and $500 million in 2029.
DirectTV also said in a separate statement it has agreed to buy Sling TV and Dish TV from EchoStar through debt exchange, culminating in a combination of two satellite TV companies.
In addition, Direct TV will acquire Dish TV's video distribution business for $1 and assume a net debt of $9.75 billion.
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