(Bloomberg) — 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.
As part of the agreement, a joint venture with TPG will run DirecTV and AT&T’s other pay-TV operations,…
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