TPG has completed the acquisition of AT&T’s remaining 70% stake in DirecTV, taking full control of the satellite television operator.

The private equity firm, which manages $258bn in assets, first acquired a 30% stake in 2021, in a deal that valued DirecTV at $16.25bn. That initial transaction included a three-year lock-up period, which has now expired.

With the completion of this deal, AT&T fully exits its ownership in DirecTV, bringing an end to a multi-decade chapter in the telecommunications giant’s media strategy. The transaction cements DirecTV’s status as an independent video company focused on delivering traditional and streaming content through its suite of services — DirecTV, DirecTV Stream, and U-verse.

Following the ownership shift, former Sony Pictures Entertainment Chairman and CEO Tony Vinciquerra has joined DirecTV’s board. TPG Partners David Trujillo and John Flynn, who were part of the original 2021 investment, will continue to serve as board members.

TPG said DirecTV will maintain its focus on customer experience while investing in new capabilities to strengthen its core video offerings. Since the initial carve-out from AT&T, the company has prioritised operational streamlining and a renewed emphasis on delivering high-quality, flexible entertainment to its subscriber base.

The parties did not disclose new financial terms related to the purchase of the remaining stake.

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