The new entity, whose financials will no longer be included on the AT&T balance sheet, unveiled new branding and a new home for its internet-delivered TV packages. Later this month, DirecTV Stream will become the umbrella for streaming offerings like the one formerly known as AT&T TV Now (originally DirecTV Now).
AT&T is getting $7.8 billion in cash in the transaction, including $1.8 billion from Tpg and and $5.8 billion from the new DirecTV, which is borrowing that sum. Since closing the $81 billion Time Warner acquisition in 2018 (after a protracted antitrust fight with the U.S. government), AT&T has battled to make the math work. Its deal-related debt load has unsettled investors, and it has undertaken multiple efforts over the past three years