AT&T selling DTV stake to TPG
AT&T is selling their 70% stake to TPG in a non-contingent transaction. The deal appears to value DTV at around 4x 2025 EBITDA (this is the multiple we have always used). When we saw this release, we thought it meant the DTV / Dish deal was off, but that deal was announced moments ago. We provide quick thoughts on the AT&T sale to TPG here, and will follow up on the Dish piece shortly.AT&T is a holding company. Through its subsidiaries, the company is a provider of telecommunications, media and technology services. The company's Communications segment provides wireless and wireline telecom, video and broadband services. The company's WarnerMedia segment includes media and entertainment businesses that principally develop, produce and distribute feature films, television content, and other content globally; and operate digital media properties. The company's Latin America segment provides entertainment services in Latin America and wireless services in Mexico. The company's XANDR segment relies on using data from its customer relationships, to develop digital and video advertising that is relevant to consumers.
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