AT&T is nearing a deal to sell a substantial minority stake in its DirecTV, AT&T TV Now and U-Verse business to private-equity firm TPG, according to people familiar with the matter.
A deal could be announced as soon as this week, said the people, who asked not to be named because the discussions are private.
The deal will value the AT&T businesses around at $15 billion. AT&T acquired DirecTV in 2015 for $48.5 billion ($67 billion with debt).
AT&T has moved away from traditional pay-TV in the past several years as it has centered its media strategy around HBO Max. DirecTV, U-Verse and AT&T TV Now are based around a linear TV business of broadcast and cable networks that is losing millions of subscribers each year.
AT&T lost nearly 3 million video customers last year and took a $15.5 billion impairment charge due to the company’s re-evaluation of its domestic video business.
TPG declined to comment. AT&T could not be immediately reached for comment.
This story is developing.