AT&T Nears Deal to Sell Large Stake in DirecTV

CNBC: AT&T is nearing a deal to sell a substantial minority stake in its DirecTV, AT&T TV Now and U-Verse business to private equity firm TPG. A deal could be announced as soon as this week. The deal will value the AT&T businesses around at $15 billion. AT&T acquired DirecTV in 2015 for $48.5 billion ($67 billion with debt). AT&T has moved away from traditional pay TV in the past several years as it has centered its media strategy around HBO Max.