Acquisition of DirecTV by AT&T

AT&T Inc. announced an agreement with the DirecTV Group on May 18, 2014, to acquire the company for $48.5 billion in a joint cash-stock transaction and assumed debts of $18.6 billion for a total offer of $67.1 billion. Due to stalling growth in the wireless sector, AT&T began diversifying into mass media to expand its consumer offerings. After regulatory agencies approved the purchase on July 24, 2015, AT&T briefly became the largest Pay-Tv provider. DirecTV was brought under AT&T's communication segment and DirecTV Now was launched on November 30, 2016, as an alternative to cord-cutting.

In the years following the purchase, DirecTV lost millions of subscribers across its satellite and streaming services and by 2019, calls grew for AT&T to divest itself off the business. Initially, AT&T rejected these calls and defended the acquisition, but by February 2021, it reached a deal with TPG Inc. to transfer ownership of DirecTV. Under the terms of the agreement, AT&T would retain a 70% majority stake in DirecTV but would no longer oversee its daily operations. The deal was finalized by August 2, 2021, with AT&T receiving $7.1 billion. By July 3, 2025, AT&T sold its majority stake to TPG, ending any ties of involvement.