AT&T to Sell Stake In DirecTV and Video Business to TPG

Telecom giant AT&T, led by CEO John Stankey, has struck a deal to sell a minority stake in its satellite TV unit DirecTV, AT&T TV and its U-Verse business to private equity firm TPG. The companies will form a new venture, to be called DirecTV, that will own and operate the pay video services.

AT&T is understood to have focused on a divestiture of its stake to private equity groups to avoid regulatory concerns. By keeping a majority stake, DirecTV can still leverage its distribution reach. In making the announcement, AT&T said that the new DirecTV"will have a commercial agreement with AT&T to continue to offer bundled pay-TV service for AT&T’s wireless and internet customers.

Indeed, the company said Thursday that it would use the cash from the video business sale to reduce its debt load. AT&T has also been understood to be looking at selling anime outfit Crunchyroll. But it is believed to have abandoned a previously eyed potential sale of WarnerMedia's video gaming unit Warner Bros. Interactive Entertainment, which owns and develops thefighting franchise, as well as games based on intellectual property owned by the Hollywood giant.

lol doesn't this mean they will lose most of their HBOMax subscribers because they counting everyone who had HBO on direct tv who got it for free?

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