TPG Capital, a private equity firm, completed the acquisition of a 30% stake in DIRECTV, a media satellite infrastructure provider, from AT&T, a telecommunication company, in a $16.25bn deal. AT&T and TPG believe the new structure will provide greater focus, flexibility and resources to best position the business to succeed in the long term and deliver on its commitment to customers, employees and shareholders. "This agreement aligns with our investment and operational focus on connectivity and content, and the strategic businesses that are key to growing our customer relationships across 5G wireless, fiber and HBO Max. And it supports our deliberate capital allocation commitment to invest in growth areas, sustain the dividend at current levels, focus on debt reduction and restructure or monetize non-core assets. TPG is the right partner for this transaction and creating a new entity is the right way to structure and manage the video business for optimum value creation," John Stankey, AT&T CEO.