AT&T said on Monday it would sell its entire 70% stake in satellite TV provider DirecTV to private equity firm TPG for $7.6 billion, exiting a business marked by declining distributions for the telecom operator.

The acquisition by Fort Worth- and San Francisco-based private equity giant TPG is just part of a gamechanging multi-step deal—one that will see DirecTV merge with Dish Network into America's biggest pay-TV provider.

AT&T Inc. said it had agreed to sell its majority stake in DirecTV to private equity firm TPG Inc. for $7.6 billion in cash.

AT&T agrees to sell remaining stake in DirecTV to TPG for $7.6B, marking its exit from satellite TV business.

AT&T has already sold 30% of the DirecTV business to the TPG firm, and will sell the rest of the company for $7.6 billion.

AT&T exits entertainment industry with a $7.6 billion sale of its majority stake in DirecTV to private equity firm TPG

TPG has agreed to acquire the remaining 70 percent stake in DirecTV from AT&T that it does not already own.

AT&T has confirmed the sale of its remaining stake in DirecTV to private equity company TPG for $7.6 billion. The carrier has decided to cash in on its 70 percent stake, in order to push ahead with its 5G network and fiber expansion, it noted today (September 30).

AT&T is selling its majority stake in DirecTV to private equity firm TPG Partners for $7.6 billion, ending the communication giant’s remaining ties to the entertainment industry.

AT&T has agreed to sell its 70% stake in DirecTV. Does that now make the stock more attractive to income hungry investors? AT&T said it would sell the rest of DirecTV to private-equity firm TPG, which holds the minority interest,