AT&T completed the sale of its remaining 70% stake in DIRECTV to TPG on July 2, 2025, ending its ownership of the business. The sale followed a September 2024 agreement, but the deal’s timing and announced payment total alone do not establish whether it was financially “awful.”
What AT&T sold—and when
The transaction was the last stage of a separation that began in 2021, when AT&T and TPG announced a new entity to operate AT&T’s U.S. video unit. The 2024 agreement transferred AT&T’s remaining interest; it was not the first step in the separation. AT&T’s 2021 announcement provides the earlier context.
| Date | What happened |
|---|---|
| 2021 | AT&T and TPG announced a new entity for AT&T’s U.S. video unit. The announcement established the staged separation; it is not, by itself, the final sale. AT&T |
| September 30, 2024 | AT&T announced an agreement to sell its remaining 70% interest in DIRECTV to TPG. It expected the transaction to close in mid-2025. AT&T |
| July 2, 2025 | AT&T announced the sale had closed, and TPG said DIRECTV was then a wholly owned portfolio company of TPG Capital. AT&T; TPG |
Who owns DIRECTV now?
At the July 2, 2025 closing, TPG Capital described DIRECTV as a wholly owned portfolio company. AT&T said it had sold its entire remaining 70% stake. That dated ownership statement answers whether AT&T still held the stake sold in this transaction; it does not assert that ownership cannot change after the closing date. TPG’s completion announcement and AT&T’s announcement document the transfer.
Was the $7.6 billion paid all at once?
No such conclusion follows from AT&T’s announcement. The company described approximately $7.6 billion in expected cash payments through 2029. That is a stated payment horizon, not an amount identified as paid entirely on the July 2025 closing date. AT&T’s September 2024 announcement gives the estimate and the expected closing window.
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Was it an “awful” transaction?
“Awful” is a judgment, not a conclusion established by the transaction announcements. The dated releases establish what AT&T agreed to sell, the expected payment horizon, and when the transfer closed. They do not provide a comparable full-cycle calculation showing whether AT&T made or lost money on its investment.
A defensible return analysis would need to compare the original acquisition cost with proceeds actually received over time, while accounting for interim distributions, taxes, liabilities, and accounting treatment. The approximately $7.6 billion estimate alone is not enough: it covers expected payments through 2029, rather than identifying a single closing-day receipt. Without those comparable inputs, the chronology can be stated confidently; a verdict on the financial result cannot.
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