AT&T Enters Deal to Spin Off Declining DirecTV

Dallas Morning News: AT&T will spin off its DirecTV business into a new company in a deal with private equity firm TPG that will net the telecom giant about $7.8 billion to pay down debt. The transaction values the new business at about $16 billion, a fraction of what AT&T paid for DirecTV in 2015. AT&T spent $67.1 billion, including debt, on the acquisition.