DALLAS, Sept. 30,
2024 /CNW/ -- AT&T (NYSE:T) ("the
Company") reached an agreement to sell its remaining stake in
DIRECTV to TPG. Under the agreement, the Company will sell its
entire 70% stake in a non-contingent transaction subject only to
customary closing conditions.
Over the past three years, the Company achieved financial
outcomes consistent with its expectations that underpinned its
decision to retain a 70% financial interest in DIRECTV. Reported
cash distributions at, and since, the closing of its initial
transaction with TPG totaled $19
billion and the Company expects to report an additional
$7.6 billion of cash payments
following this agreement to sell its remaining stake.
This sale allows AT&T to continue to focus on being the
leading wireless 5G and fiber connectivity company in America. This
transaction also continues to strengthen AT&T's balance sheet
by pulling forward cash expected over the next several years.
The Company expects the transaction to close in the second half
of 2025.
For more details on the deal, see the 8-K.
About AT&T
We help more than 100 million U.S. families, friends and
neighbors, plus nearly 2.5 million businesses, connect to greater
possibility. From the first phone call 140+ years ago to our 5G
wireless and multi-gig internet offerings today, we @ATT innovate
to improve lives. For more information about AT&T Inc.
(NYSE:T), please visit us at about.att.com. Investors can learn
more at investors.att.com.
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SOURCE AT&T