AT&T is spinning off its DirecTV into a new company for a fraction of the $48.5 billion it paid for the satellite TV service in 2015. DirecTV has lost millions of customers on AT&T’s watch. Private equity firm TPG will own 30% of the new business; AT&T will hold the rest. AT&T launched streaming service HBO Max last year and has focused on building that business, upgrading its wireless network with next-generation 5G technology and building more fiber-optic internet infrastructure. AT&T will receive $7.8 billion in cash from the deal, and will use the proceeds to pay down debt.
