DirecTV Is Now Wholly Owned By TPG Following Acquisition Of AT&T’s 70% Stake

In September of last year, AT&T announced it had agreed to sell its remaining 70% stake in DirecTV to TPG Capital. This week, TPG confirmed it has now completed its acquisition of AT&T’s remaining stake in DirecTV.

The acquisition brings an end to the joint venture between AT&T and TPG. The two companies joined forces in February 2021 to create the new DirecTV company and this eventually led to the rebranding of AT&T TV as DirecTV Stream. Since then, DirecTV Stream has been rebranded as DirecTV as part of a unified strategy.

At the time of the original deal, AT&T remained the majority owner in the new DirecTV company with a 70% stake, while TPG assumed a 30% stake. With the acquisition now complete, DirecTV is now wholly-owned by TPG Capital.

“DirecTV is a proven pay TV innovator, and we are excited to deepen our highly successful partnership at a pivotal time for the industry,” said David Trujillo, Partner at TPG. “This transaction reflects our confidence in DirecTV’s management team and their ability to continue delivering exceptional value and a truly innovative streaming service to customers.”

Following the announcement, TPG says that the plan is to continue accelerating investments in DirecTV’s video offerings.

We have already seen some evidence of these changes, with DirecTV having made major adjustments to its products in 2025, including the launch of its Genre Packs and Mini-Packs, making it easier for consumers to sign up for thinner and genre-focused live TV packages.

“We are thrilled to build on our terrific partnership with TPG for DirecTV’s next chapter,” said Bill Morrow, CEO of DirecTV. “We have big plans to increase investments in innovative video services to deliver the best entertainment experience at the right value for our customers nationwide.”

At the same time as AT&T announced its plan to sell its remaining 70% stake to TPG, DirecTV confirmed it had entered into a definitive agreement with EchoStar to assume control of EchoStar’s video distribution business, which includes Dish TV and Sling TV.

However, and unlike the acquisition of AT&T’s stake, that deal collapsed in November, when DirecTV decided to terminate its merger agreement with EchoStar, after the two companies failed to agree exchange debt offer terms.