TPG, an alternative asset management firm, has announced the completion of its acquisition from AT&T of the remaining 70 per cent stake in DirecTV it did not already own. With the completion of this transaction, DirecTV is now a wholly owned portfolio company of TPG Capital, the firm’s US and European private equity platform.This transaction strengthens TPG’s existing partnership with DirecTV and extends TPG’s successful track record partnering with internet, digital media and communications companies. DirecTV expects to accelerate investments in its video offerings.“DirecTV is a proven pay-TV innovator, and we are excited to deepen our highly successful partnership at a pivotal time for the industry,” said David Trujillo, Partner at TPG. “This transaction reflects our confidence in DirecTV’s management team and their ability to continue delivering exceptional value and a truly innovative streaming service to customers.”“DirecTV has the broadest diversity of programming available today, a portfolio of innovative video products and a legacy of providing better value than incumbent providers,” commented John Flynn, Partner at TPG. “The company is well-positioned to compete and thrive in a rapidly evolving content and technology landscape.”“We are thrilled to build on our terrific partnership with TPG for DirecTV’s next chapter,” added Bill Morrow, CEO of DirecTV. “We have big plans to increase investments in innovative video services to deliver the best entertainment experience at the right value for our customers nationwide.”With the completion of the transaction, Thaddeus Arroyo, Lori Lee and Jamie Barton, all AT&T appointees to DirecTV’s Board of Directors, and Steve McGaw, independent board member, have stepped down from DirecTV’s Board. Tony Vinciquerra, former CEO of Sony Pictures Entertainment, has joined the DirecTV Board.
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