AT&T sells minority stake in its DirecTV business to private equity group

, AT&T has finally found a company to sell part of its struggling DirecTV business. In fact, it's a private equity group called TPG Capital that bought 30% of AT&T's DirecTV satellite streaming service.

The two parties today they have signed an agreement under which they will establish a new company named DIRECTV (New DIRECTV) that will own and operate AT&T's US video business unit consisting of the DirecTV, AT&T TV, and U-verse video services.

The new entity will be valued at $16.25 billion and it will be governed by a board with two representatives from each of ...