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AT&T to Spin Off Long-Suffering DirecTV in Deal With TPG
- Transaction creates new joint venture with private equity firm
- Move is latest step by AT&T to slim down its operations
Photographer: Patrick T. Fallon/Bloomberg
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AT&T Inc. will offload its DirecTV operations in a deal with private equity firm TPG that values the business at about $16 billion, a fraction of what the telecom giant paid for the satellite-TV company in 2015.
The move caps years of AT&T deliberating over what to do with DirecTV, a pay-television pioneer that had increasingly become a burden as it hemorrhaged customers.