AT&T may keep majority ownership of DirecTV as it closes in on final deal

Enlarge / A DirecTV satellite dish seen outside a bar in Portland, Oregon, in October 2019. (credit: Getty Images | hapabapa)

AT&T is reportedly closing in on a deal to sell a stake in DirecTV to TPG, a private-equity firm.

Unfortunately for customers hoping that AT&T will relinquish control of DirecTV, a Reuters report on Friday said the pending deal would give TPG a "minority stake" in AT&T's satellite-TV subsidiary. On the other hand, a private-equity firm looking to wring value out of a declining business wouldn't necessarily be better for DirecTV customers than AT&T is.

It's also possible that AT&T could cede operational control of DirecTV even if it remains the majority owner. CNBC in November reported on one proposed deal in which "AT&T would retain majority economic ownership of the [DirecTV and U-verse TV] businesses, and would maintain ownership of U-verse infrastructure, including plants and fiber," while the buyer of a DirecTV stake "would control the pay-TV distribution operations and consolidate the business on its books."

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