AT&T has hired Goldman Sachs Group to see through the process of offloading its stake in DirecTV, according to a Wall Street Journal report.
The process is at an early stage, and it’s not clear what form any deal would take or if there will be one at all. It is possible some of the suitors will team up or submit joint proposals. Other investors that were approached have decided not to pursue bids, some of the people said.
AT&T executives have previously explored parting with DirecTV assets, including a potential spinoff or combining assets with rival Dish Network, but obstacles, including antitrust concerns, have gotten in the way.
A private-equity buyer could avoid those regulatory concerns. AT&T is looking to sell just over 50% of the asset, which would allow the telecom giant to take a fast-shrinking business off its books while still enjoying the benefits of a still-large distribution network, some of the people said.
The purchase of DirecTV made AT&T the biggest US pay-TV provider, a title it later ceded to Comcast as satellite customers canceled. In 2018, a roughly US$80 billion takeover of Time Warner added HBO, the Warner Bros. film studio, and cable channels like CNN to AT&T’s portfolio.
Full Content: Wall Street Journal
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
