Private equity firm TPG has started exclusive talks for AT&T’s DirectTV satellite TV service, Reuters reported, with sources saying the deal could value the unit at over USD 15 billion. Should the negotiations conclude successfully, a deal could be announcing in the coming weeks. The sale would help AT&T reduce its net debt of almost USD 150 billion. AT&T has been trying to raise cash and reduce debt for some time, under pressure from investors, including activist shareholder Elliott Management.
Talk about AT&T selling off DirecTV started in late 2019, as one strategic option. Nothing materialized that year, with AT&T starting a new round of talks for the unit late last year. The division attracted a number of offers, from Churchill Capital Corp, TPG and Apollo Global Management among some of the suitors.
