AT&T finalised the sale of its 70 per cent stake in DirecTV to TPG Capital, concluding a deal that was struck in September 2024.

In a short statement, the US operator confirmed it had completed the sale to the US and European private equity arm of the wider asset management company TPG.

When the deal was first agreed, AT&T stated it expected to generate $7.6 billion through cash payments from the sale of the business, which has lost significant value over the years.

Indeed, AT&T bought DirecTV for $49 billion in 2015. It then spun out the business in 2021 along with its video units AT&T TV and U-Verse to step up competition with streaming giants such as Netflix and Amazon Prime Video, with the whole entity valued at $16.3 billion at the time.

However, the divestment has been driven by a change in strategy. It said the sale allows it to focus on its wireless 5G and fibre connectivity services in the US.