Is Directv Out - AT&T has officially spun off DirecTV, which is now its own business / DirecTV will become its own company
AT&T announced earlier this year that it would spin off its video properties DirecTV, AT&T TV and U-verse into a new company that it will jointly manage with private equity firm TPG Capital. The transaction is finally complete and the services will now operate as a single company under the DirecTV name.
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As noted earlier this year when the company initially announced plans to divest its struggling DirecTV business, AT&T will retain a 70 percent stake in the company, while TPG will take 30 percent. The telecoms giant said the deal, for which it received $7.1 billion in cash, would help pay down its massive debt and the company expects to be able to stem the bleeding by the end of 2023.
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Some of that debt is due to AT&T's acquisition of DirecTV in 2015, when AT&T paid $48.5 billion ($67 billion including debt) to take over the business. To say this business decision failed is an understatement, as DirecTV was hemorrhaging customers for years before the TPG deal.
When the TPG deal was announced in February, AT&T CEO John Stankey said the company planned to focus specifically on "connectivity and content," including 5G wireless and fiber, as well as HBO Max. Recently, however, AT&T's revised strategy is to focus on its core business and, as Stankey recently put it, "for the media."
The deal with TPG does not include any of WarnerMedia's various assets, including streaming service HBO Max, as they will be transferred to Discovery instead. (WarnerMedia and Discovery are currently awaiting approval for their merger.)
But the deal includes DirecTV's existing content offerings for things like NFL Sunday Ticket. AT&T added that DirecTV "will continue to offer HBO Max to customers along with any associated wireless or broadband service and associated customer discounts." DirecTV (trademark DIRECTV) is an American multichannel video distributor headquartered in El Segundo, California. First launched on June 17, 1994, its primary service is a digital satellite service serving the United States. It also offers a traditional linear television service delivered over IP through its U-verse TV brand and a virtual MVPD service through its DirecTV Stream brand.
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Its main competitors are Dish Network, traditional cable TV providers, IP TV services and other premium video services.
On July 24, 2015, after receiving approval from the Federal Communications Commission and the Department of Justice, AT&T acquired DirecTV for $67.1 billion.
In the first quarter of 2021, AT&T had 15.9 million pay TV customers, including DirecTV, U-Verse and DirecTV Stream customers.
On February 25, 2021, AT&T announced that it would spin off DirecTV, U-Verse TV and DirecTV Stream into a separate entity, selling a 30% stake to TPG Inc. while it will retain a 70% stake in the new independent company. . The contract was concluded on August 2, 2021.
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In 1953, Howard Hughes founded the Howard Hughes Medical Institute (HHMI), to which he transferred full ownership of Hughes Aircraft. Ostensibly founded as a non-profit medical research foundation, HHMI was accused of being used by Hughes as a tax shelter.
After Hughes's death in 1976, HHMI was incorporated in 1977 and a lawsuit was filed to determine whether it would be allowed to retain its interest in Hughes Aircraft.
In 1984, the court appointed a new board for HHMI, which on December 20, 1985 sold Hughes Aircraft to General Motors for an estimated $5.1 billion.
The new division initially consisted of four divisions: Delco Electronics Company, Hughes Aircraft Company, Hughes Space and Communications Company, and Hughes Network Systems.
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Many years later, technology was developed to build more powerful satellites, and digital compression standards (MPEG-2) were developed that allowed multiple channels of digital television to pass through each satellite frequency.
Hughes and other companies believed in the early 1990s that the technology would soon make digital satellite television available.
Hughes tried to work with NBC, News Corp. and Cablevision to form a joint venture in 1990 to launch the first high-performance digital television service, Sky Cable.
Unable to do so, the company instead created DirecTV as a separate division and struck a deal with USSB to build and operate the first powerful direct-to-air satellite system.
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Hughes/DirecTV approached Thomson Consumer Electronics (under the RCA, GE and ProScan brands) to develop a digital satellite system for the service capable of receiving 175 channels on a small 18-inch antenna.
These antennas used a new generation of smaller and lighter antennas based on military technology introduced by the Broadcasting Global System, which predated the availability of DirecTV by nearly a decade.
Hughes was awarded the contract to build and launch new high-power satellites, and USSB and DirecTV agreed that the new satellites would carry two separate programming services: USSB and DirecTV.
Digital Equipmt Corporation provided the hardware for DirecTV, Matrixx Marketing (part of Cincinnati Bell) provided customer care through its Matrixx Plus division, and DBS Systems created the billing software.
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In 1999, DirecTV purchased PrimeStar, a competitor in the satellite television industry, for $1.83 billion, significantly increasing its share of the US satellite television market.
This sale left DirecTV, PanAmSat and Hughes Network Systems as the remaining components of Hughes Electronics. On November 11, 1997, DirecTV signed a two-year deal with Action Adventure Network, a consortium formed by Telesce, Richmel Productions and Goodman/Ross Productions, to offer original series and movies for $2.99 on pay-per-view. expand intt.
In 1992, direct satellite broadcasters had to allocate 4% of their channel for non-commercial educational and informational programs. DirecTV selected C-SPAN, EWTN and the Trinity Broadcasting Network from its channel lineup, as well as soliciting additional offers from other programmers. DirecTV gave PBS Kids, the original PBS subscription, a carriage that was not considered reserved six weeks earlier. DirecTV picked up six additional channels; Clara+Vision, Inspirational Life, NASA TV, PBS YOU, StarNet and WorldLink TV, for the term.
In 2000, DirecTV introduced the first live in-flight television service for airlines; The system was first used by JetBlue and the start-up airline Legd Airlines.
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In September 2000, GM executives, under pressure from GM shareholders as a result of its poor performance and Hughes' significant market value, authorized Hughes executives to begin looking for buyers.
In 2001, News Corp. has begun talks to buy Hughes Electronics for $8 billion, which would allow News Corp. to expand Sky Global Networks' satellite television operations in the United States.
Negotiations with News Corp. ultimately failed, and Hughes closed the deal on October 28, 2001, which was acquired by EchoStar, the owner of Dish Network, for $26 billion.
However, the deal drew significant opposition from the Justice Department and the Federal Communications Commission due to antitrust concerns, prompting the two companies to withdraw the deal in December 2002.
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As part of the merger agreement, EchoStar had to pay Hughes $600 million for the failure of the merger.
On April 9, 2003, News Corporation, part of 20th Century Fox (now known as 20th Century Studios), and Fox Television Studios agreed to buy Hughes' 34% controlling interest, including GM's stake in the company. $6.6 billion, subject to SEC approval.
As part of the financing deal, Liberty Media, a division of Starz, has agreed to take a $500 million stake in News Corporation, effective after the deal closes. Liberty, News Corp.'s second largest shareholder. followed by the Murdoch family with 18%, which originally intended to make a bid for DirecTV but backed out of the deal.
On December 19, 2003, the FCC voted 3-2 to approve the deal on its terms, forcing News Corp to agree to arbitrate all disputes with its media carriers and provide neutrality through DirecTV. contributes to their networks.
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In February 2004, Hughes announced that he would focus solely on satellite television operations and divest his other interests, and on March 16, 2004, he launched The DirecTV Group, Inc., changing its ticker symbol from "HS" to "DTV".
In April of that year, he sold his controlling stake in PanAmSat to a private consortium led by Kohlberg Kravis Roberts for $3.53 billion.
On April 22, 2005, DirecTV spun off Hughes Network Systems into a separate entity and sold 50% of the new venture to SkyTerra, earning $157.4 million from the transaction.
The sale effectively ended DirecTV's 20-year existence through Hughes Electronics as a technology conglomerate, leaving it with only satellite television services.
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On November 15, 2005, DirecTV stopped carrying Music Choice's audio-only channels and replaced it with 73 channels of XM Satellite Radio. In 2007, DirecTV exited the Brazilian market and customers migrated to DirecTV's Brazilian subsidiary SKY Brasil with a 74% stake.
On January 9, 2007, DirecTV announced that it would introduce up to 100 national HD channels during 2007, all of which would be encoded in MPEG-4.
On October 3, 2008, DirecTV announced that it would offer local HD channels in 121 markets by Monday.
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