Technology

AT&T offloading DirecTV could be a “fire sale” as company weighs low bids

AT&T's logo and stock price displayed on a monitor on the floor of the New York Stock Exchange in January 2019.

Enlarge / AT&T’s logo and share price displayed on a monitor at the New York Stock Exchange on Tuesday, Jan. 22, 2019. (credit: Getty Images | Bloomberg)

AT&T is reportedly moving ahead with its plan to sell DirecTV despite receiving bids that value the satellite division at less than one-third of the price AT&T paid for it.

AT&T bought DirecTV for $49 billion in 2015 and has lost seven million TV subscribers in the last two years. In late August, news broke that AT&T is trying to sell DirecTV to private-equity investors and that a deal could come in at less than $20 billion.

The New York Post yesterday provided an update on the sale process, writing that AT&T is pressing ahead with an auction even though it is “shaping up to be a fire sale.” The sale process is being handled for AT&T by Goldman Sachs.

Read 5 remaining paragraphs | Comments