# DIRECTV
> El Segundo, California, U.S.
- Profile type: Company
- Profile status: baseline
- Last updated: 2026-04-26T00:00:00.000Z
- Canonical URL: https://thestateofstreaming.com/companies/directv/
- Also known as: DirecTV, AT&T DirecTV, DIRECTV LLC
## Summary
DIRECTV is a U.S. satellite and virtual MVPD operator headquartered in El Segundo, California. Spun out of AT&T in 2021 with TPG Capital as minority owner, it became a wholly owned TPG portfolio company on July 2, 2025, when AT&T sold its remaining 70% stake for $7.6 billion. CEO Bill Morrow has run the company since the AT&T spinoff. DIRECTV Stream is its vMVPD service.

## Company facts

- Founded: 1994
- Headquarters: El Segundo, California, U.S.
- Domain: directv.com
- CEO: bill morrow (https://thestateofstreaming.com/people/bill-morrow/)


## Key facts

- TPG completed its acquisition of AT&T's remaining 70% stake in DIRECTV on July 2, 2025, making DIRECTV a wholly owned TPG portfolio company. The deal valued the 70% stake at $7.6 billion. — TPG Inc. (press release): https://shareholders.tpg.com/news-releases/news-release-details/tpg-completes-acquisition-atts-70-stake-directv
- AT&T originally spun off DIRECTV on August 2, 2021, selling a 30% stake to TPG and retaining 70% in a transaction that valued the business at $16.25 billion. — AT&T: https://about.att.com/story/2025/directv-transaction-close.html
- DIRECTV terminated its agreement to acquire EchoStar's video distribution business (DISH and Sling TV) effective Nov. 22, 2024, after DISH DBS noteholders rejected the proposed exchange debt offer terms that were a condition of the deal. — DIRECTV (PR Newswire): https://www.prnewswire.com/news-releases/directv-announces-termination-of-agreement-to-acquire-echostars-video-distribution-business-302313823.html
- DIRECTV and Disney reached a new carriage agreement on Sept. 14, 2024, ending a 13-day blackout of ABC, ESPN, and 14 other Disney networks that began Sept. 1, 2024. The deal included rights to distribute Disney's forthcoming flagship ESPN direct-to-consumer service at no additional cost to DIRECTV customers. — Variety: https://variety.com/2024/tv/news/disney-directv-carriage-deal-espn-abc-streaming-1236138007/
- DIRECTV Stream reported more than 1.3 million subscribers in early 2025, up roughly 20% year over year in 2024. The company retired the standalone 'DIRECTV Stream' brand on April 14, 2025, consolidating the service under the DIRECTV.com banner. — Next TV: https://www.nexttv.com/news/whats-behind-directv-streams-huge-175-q4-usage-surge
- Bill Morrow has served as CEO of DIRECTV since the AT&T spinoff closed in August 2021. — DIRECTV: https://www.directv.com/insider/corporate/team/


## Related

- tpg capital (parent (sole owner since July 2 2025)) — https://thestateofstreaming.com/companies/tpg-capital/
- at t (former parent (held 70% until July 2 2025)) — https://thestateofstreaming.com/companies/at-t/
- the walt disney company (carriage counterparty (Sept 2024 blackout + settlement)) — https://thestateofstreaming.com/companies/the-walt-disney-company/
- dish network (competitor; terminated acquisition target (Nov 2024)) — https://thestateofstreaming.com/companies/dish-network/
- charter communications (competitor) — https://thestateofstreaming.com/companies/charter-communications/
- comcast corporation (competitor) — https://thestateofstreaming.com/companies/comcast-corporation/
- alphabet inc (vMVPD competitor (YouTube TV)) — https://thestateofstreaming.com/companies/alphabet-inc/
- fubotv inc (vMVPD competitor) — https://thestateofstreaming.com/companies/fubotv-inc/
- directv stream (flagship vMVPD product) — https://thestateofstreaming.com/products/directv-stream/


## External coverage

- DIRECTV: DIRECTV Insider (corporate newsroom) (https://www.directv.com/insider/)
- 2025-07-02 — TPG Inc.: TPG Completes Acquisition of AT&T's 70% Stake in DIRECTV (https://shareholders.tpg.com/news-releases/news-release-details/tpg-completes-acquisition-atts-70-stake-directv)
- 2025-07-07 — AT&T: AT&T and TPG Close DIRECTV Transaction (https://about.att.com/story/2025/directv-transaction-close.html)
- 2024-11-21 — DIRECTV via PR Newswire: DIRECTV Announces Termination of Agreement to Acquire EchoStar's Video Distribution Business (https://www.prnewswire.com/news-releases/directv-announces-termination-of-agreement-to-acquire-echostars-video-distribution-business-302313823.html)
- 2024-09-14 — Variety: Disney, DirecTV Reach Deal Ending Two-Week Blackout of ESPN, ABC (https://variety.com/2024/tv/news/disney-directv-carriage-deal-espn-abc-streaming-1236138007/)
- 2025-07-07 — Axios: AT&T completes $7.6 billion sale of DirecTV (https://www.axios.com/2025/07/07/att-directv-tpg)

## Profile
DIRECTV is the U.S. satellite-and-streaming television operator that emerged from AT&T's August 2021 spinoff and, as of July 2025, sits fully under TPG Capital. The company runs the legacy direct-broadcast satellite service alongside DIRECTV Stream, the vMVPD it has been steadily repositioning as the satellite footprint shrinks.

Two events anchor the modern DIRECTV story for this audience. The September 2024 Disney blackout — 13 days of ABC, ESPN, and 14 other networks dark for 11-million-plus subscribers — became the template other distributors and programmers later cited in their own carriage standoffs, including Disney's playbook against YouTube TV. Two months later, DIRECTV walked away from the EchoStar/DISH acquisition after DISH DBS noteholders refused to accept the debt-exchange terms, leaving the satellite consolidation thesis on the shelf and Sling TV in EchoStar's hands.

The TPG deal closing in July 2025 took AT&T fully out of media and gave TPG a standalone pay-TV operator to manage through the secular vMVPD/MVPD subscriber decline now visible in MoffettNathanson's Q1 2026 record-loss data. Bill Morrow has been CEO across the entire arc.
## Coverage on The State of Streaming
- [ESPN Preps Roughly 30 Layoffs After Disney Books $110M YouTube TV Hit](https://thestateofstreaming.com/platforms/2026/04/espn-layoffs-youtube-blackout-aftermath/) — 2026-04-26
- [Trade Desk Reframes Ventura as Multi-OS Ecosystem](https://thestateofstreaming.com/advertising-adtech/2026/04/trade-desk-ventura-ecosystem-pivot/) — 2026-04-25

## Tags

- vmvpd
- mvpd
- satellite-tv
- carriage-disputes
- private-equity

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