AT&T to Exit From Costly Push Into Media With DirecTV Sale (1)

AT&T Inc. announced its final exit from a costly plunge into the entertainment business with the sale of its remaining stake in satellite television operator DirecTV.

Under the terms of an agreement announced Monday, AT&T is selling its 70% stake in the business to the investment firm TPG Inc. for $7.6 billion in cash spread out over five years. In addition it has received $19 billion in distributions from DirecTV since 2021, including from the initial sale of a 30% stake in DirecTV to TPG.

The deal coincides with DirecTV’s agreement to acquire Dish, the satellite-TV division of EchoStar ...