AT&T officially spins off DirecTV
By Matt Collins Article may include affiliate links
The move includes the DirecTV, AT&T TV and U-verse video brands. AT&T will co-manage the new company, which will run under the DirecTV name, with private equity firm TPG Capital.
AT&T acquired DirecTV in 2015 for $48.5 billion as part of a move to diversify its holdings beyond just telecommunications and into video distribution and production.
However, earlier in 2021, AT&T announced it would refocus its core brand on phone, wireless and broadband markets. It would later announce plans to hold on to Warner Bros.’ interactive entertainment division as the gaming industry saw marked growth during the coronavirus pandemic.
The rest of WarnerMedia’s assets, however, will be merged with Discovery’s media properties to be called Warner Bros. Discovery.