WarnerMedia parent AT&T said Thursday it’s clinched a deal to sell a significant minority satellite in DirecTV, U-Verse and AT&T TV to private equity group TPG in a deal will net the telecom giant $7.8 billion in cash.The partners said they will establish a new company named that will own and operate AT&T’s U.S.
video business unit consisting of the DIRECTV, AT&T TV and U-verse video services.The deal values DirecTV’s video business at $16.25 billion.Under the terms of the transaction, the new DirecTV will be jointly governed by a board with two representatives from each of AT&T and TPG, as well as a fifth seat for the CEO, which at closing will be Bill Morrow, CEO of AT&T’s U.S.
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