AT&T Fields DirecTV Offers Above $15 Billion Including Debt

Wednesday - 09/12/2020 13:53
AT&T acquired DirecTV in 2015 for about $49 billion, or $66 billion including debt. PHOTO: KAREN BLEIER/AGENCE FRANCE-PRESSE/GETTY IMAGES
AT&T acquired DirecTV in 2015 for about $49 billion, or $66 billion including debt. PHOTO: KAREN BLEIER/AGENCE FRANCE-PRESSE/GETTY IMAGES
Apollo Global Management, long seen as the front-runner, bid below $15 billion; Michael Klein’s blank-check company among the bidders

AT&T Inc. received bids for its DirecTV unit valuing the satellite-TV service at more than $15 billion including debt, according to people familiar with the matter, as the widely watched auction winds toward a resolution.

Among those submitting bids above that level were Churchill Capital Corp. IV , a blank-check company run by former banker Michael Klein, and private-equity firm TPG, the people said. Apollo Global Management Inc., long seen by many as the front-runner to buy DirecTV, submitted a bid valuing the business at less than $15 billion, some of the people said.

The auction is in a late stage and should the company reach a deal with one of the suitors, it could be completed by early next year.


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