{"id":202775,"date":"2021-02-26T06:56:17","date_gmt":"2021-02-26T06:56:17","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=310974"},"modified":"2021-02-26T06:56:17","modified_gmt":"2021-02-26T06:56:17","slug":"att-inks-deal-with-tpg-to-spin-off-video-unit","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2021\/02\/26\/att-inks-deal-with-tpg-to-spin-off-video-unit\/","title":{"rendered":"AT&T inks deal with TPG to spin off video unit"},"content":{"rendered":"

<\/p>\n

\tUS operator AT&T announced a deal to spin off its DirecTV, AT&T TV and U-verse video services into a new company co-owned by investment group TPG Capital, in a move which values the business at $16.25 billion.<\/p>\n

Under the terms of the deal, TPG Capital will pay $1.8 billion for a 30 per cent stake in the new company, which will use the DirecTV moniker and be led by the current head of AT&T\u2019s US video unit, Bill Morrow. AT&T will hold a 70 per cent stake in exchange for contributing its US video services.<\/p>\n

A board comprised of Morrow and two representatives each from AT&T and TPG Capital will govern the new company.<\/p>\n

The deal is expected to close in 2H 2021, after which AT&T said it expects the new company to pay it $7.6 billion in cash and assume $200 million of existing DirecTV debt. Funds received from the deal will be used to pay down the operator\u2019s debt.<\/p>\n

A commercial agreement between AT&T and the new company will allow the operator to continue bundling video services with its mobile and fixed broadband products.<\/p>\n

AT&T CEO John Stankey stated \u201cTPG is the right partner for this transaction and creating a new entity is the right way to structure and manage the video business for optimum value creation.\u201d<\/p>\n

The move follows months of rumours AT&T was exploring a sale [1] of its ailing video unit.<\/p>\n

AT&T bought DirecTV for $49 billion in 2015 [2]. In January, the operator revealed it recorded a $15.5 billion charge in Q4 2020 [3] related to the reassessment of the value of its video business.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/att-eyes-new-directv-deal-option
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/att-moves-fast-with-new-converged-plan-following-directv-deal
\n[3] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/video-hobbles-att-in-q4<\/p>\n\n

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US operator AT&T announced a deal to spin off its DirecTV, AT&T TV and U-verse …<\/p>\n

The post AT&T inks deal with TPG to spin off video unit<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":245,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"AT&T inks deal with TPG to spin off video unit - ITTeacherITFreelance.hk","description":"US operator AT&T announced a deal to spin off its DirecTV, AT&T TV and U-verse ... The post AT&T inks deal with TPG to spin off video unit appeared"},"footnotes":""},"categories":[11,8],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/202775"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/245"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=202775"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/202775\/revisions"}],"predecessor-version":[{"id":202776,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/202775\/revisions\/202776"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=202775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=202775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=202775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}