Who Owns DirecTV: Ownership Insights

Who owns DirecTV is a question that has gone through several twists over the years. Once a satellite TV giant under AT&T, the company has since transformed into a private equity-owned media business focused on both satellite and streaming. Its journey reflects the rapid changes in the television industry. From its early dominance in sports broadcasting to the current push into streaming bundles, DirecTV’s ownership story is as dynamic as its services.

DirecTV Company Profile

DirecTV, LLC is a prominent American multichannel video programming distributor headquartered in El Segundo, California. It delivers television content through its original digital satellite service and, more recently, through its virtual multichannel video programming distributor, DirecTV Stream.

The service operates across the United States and formerly reached parts of Latin America, the Caribbean, and Europe.

Founders and Early Origins

The roots of DirecTV trace back to Hughes Electronics, which developed the technology and infrastructure for a mainstream direct-broadcast satellite (DBS) service in the early 1990s.

United States Satellite Broadcasting (USSB), founded by Stanley E. Hubbard, also played a key role in its early formation.

The combined venture officially launched DirecTV on June 17, 1994, marking a groundbreaking moment in U.S. broadcast history.

Major Milestones

• Launch & Early Growth (1994)
  DirecTV’s debut offered hundreds of digital channels via a compact “minidish”—revolutionary compared to the large analog dishes of the past. It rapidly amassed over 1 million subscribers in its first year.
• Expansion & Innovation (Late 1990s)
  By the end of 1999, DirecTV had reached approximately 7.8 million subscribers, powered by technological advances like DVRs and high-definition content.
• Satellite Deployment
  The company expanded its satellite fleet to support improved coverage and onboard features. Early satellites like DIRECTV-1 and 2 launched in the 1990s, while later additions—such as T14 (formerly DirecTV-14)—enabled Ultra-HD 4K programming.
• Corporate Ownership Changes
  In 2004, News Corporation acquired a significant stake, and soon after, Liberty Media took control, reshaping DirecTV’s strategic direction.
  AT&T later acquired DirecTV in mid-2015, aiming to bundle TV, internet, and mobile services under one roof.
• Digital & Streaming Evolution
  DirecTV continued to innovate with offerings like NFL Sunday Ticket, DVR service, HD and 4K broadcasts, wireless home video solutions, in-flight TV, and streaming via DirecTV Now and later DirecTV Stream.
• Recent Corporate Shift (2021–2025)
  In 2021, AT&T spun off DirecTV into a standalone entity, selling a 30% stake to TPG Capital. By mid-2025, TPG acquired AT&T’s remaining stake, making DirecTV a fully independent firm under private equity ownership

Who Owns DirecTV: Parent Company Details

DirecTV is wholly owned by TPG Capital, a global private equity firm. TPG first became involved in 2021 when it purchased a 30% stake during DirecTV’s spin-off from AT&T.

In mid-2025, TPG acquired the remaining 70% from AT&T, making it the sole owner. This full acquisition transferred all operational, strategic, and financial control to TPG.

DirecTV operates as a limited liability company headquartered in El Segundo, California. It provides satellite TV, IPTV, and streaming services under the DirecTV, DirecTV Stream, and U-verse brands.

While the company no longer operates its former Latin American division (sold in 2021), it remains a major player in the U.S. pay-TV market. Under TPG ownership, DirecTV’s strategy emphasizes operational efficiency, retention of its core satellite customer base, and competitive streaming offerings.

Parent Company – TPG Capital

TPG Capital is a major investment firm with a diverse portfolio across industries, including technology, media, health care, and real estate. Founded in 1992, TPG manages billions in assets and is known for acquiring companies with strong brand recognition but growth challenges.

DirecTV fits this profile, as it has a strong name in satellite TV but faces an evolving television market.

Acquisition Insights and Details

AT&T originally acquired DirecTV in 2015 for $48.5 billion. The goal was to combine its wireless and broadband services with DirecTV’s video offerings, creating bundled packages. However, changing consumer habits and the rise of streaming services led AT&T to shift focus back to its core telecom operations.

In 2021, AT&T spun off DirecTV into a standalone company, selling a minority stake to TPG Capital while retaining the majority. This structure lasted until 2025, when TPG purchased AT&T’s remaining shares. The deal marked the complete separation of DirecTV from AT&T’s corporate structure.

By mid-2025, AT&T completed its exit from the video business by selling its remaining 70% stake to TPG Capital. This deal gave TPG 100% control, transforming DirecTV into a fully private company under a single owner.

Who is the CEO of DirecTV?

The current Chief Executive Officer of DirecTV is Bill Morrow, a seasoned executive with decades of experience in the telecommunications and broadcasting industries. He has been in the role since 2021, guiding the company through its transition from AT&T ownership to full independence under TPG Capital.

Background and Career

Bill Morrow began his career in the telecommunications sector and has held leadership positions at major companies across multiple continents. His experience includes serving as CEO of Vodafone Hutchison Australia and leadership roles in the U.S., Europe, and Asia.

Morrow is recognized for his expertise in business turnarounds, operational efficiency, and customer service improvement.

Role at DirecTV

As CEO, Morrow is responsible for overseeing all aspects of DirecTV’s operations, including satellite services, streaming platforms, customer experience, and programming negotiations. He reports directly to the company’s board of directors, which is now fully controlled by TPG Capital.

His leadership involves balancing the traditional satellite TV business with the growth of DirecTV Stream to keep the brand competitive in a changing entertainment market.

Leadership Style and Strategic Vision

Bill Morrow’s leadership style is often described as hands-on and results-driven. He has emphasized streamlining operations, reducing costs, and improving customer satisfaction.

His strategic vision includes modernizing DirecTV’s technology infrastructure, expanding streaming offerings, and creating subscription packages that appeal to both traditional TV viewers and streaming-first customers.

Past Leadership at DirecTV

Before Morrow’s appointment, DirecTV’s leadership was largely tied to AT&T executives, including John Stankey (now CEO of AT&T) and Randall Stephenson (former AT&T CEO).

These leaders focused on integrating DirecTV into AT&T’s broader business strategy. Morrow is the first CEO to lead the company as a standalone entity under private equity ownership, giving him greater freedom to adapt to market changes without competing priorities from a telecom parent company.

Role in Decision-Making Structure

Under TPG Capital’s ownership, major strategic decisions are made collaboratively between the CEO and the board of directors. Morrow plays a central role in shaping product direction, negotiating with content providers, and setting long-term growth goals. This governance structure allows him to act quickly on market trends and competitive pressures.

DirecTV Annual Revenue and Net Worth

In 2025, DirecTV sits at the intersection of tradition and transformation. While precise revenue and profitability figures are not fully transparent, the company’s estimated $20 billion-plus annual revenue, $16 billion–plus valuation, and robust free cash flow exceeding $6 billion, combined with Dish signal enduring financial strength.

DirecTV Annual Revenue 2025

While detailed standalone revenue figures for DirecTV are sparse following its separation from AT&T, estimates based on AT&T’s financial disclosures suggest that DirecTV’s operations contributed approximately $20 billion in operating revenue during 2024.

This financial contribution, recorded under “equity in net income of affiliates,” highlights the scale of DirecTV’s underlying business even as AT&T prepared to divest its stake.

In 2025, revenue reporting becomes more complex because DirecTV is now fully independent from AT&T. Before the final sale to TPG Capital closed in July, AT&T attributed around $2 billion in equity income from DirecTV to its own results for 2024.

While this reflects the portion of profit rather than full revenue, it signals that DirecTV continued to generate substantial revenue in the early months of 2025.

True standalone 2025 revenue figures will depend on future disclosures by TPG or DirecTV itself, but the 2024 number likely remains broadly representative under the new ownership structure.

The revenue picture is complex—DirecTV’s satellite, streaming, and IPTV services each contribute, but the overall figures are consolidated under AT&T’s corporate umbrella until the spin-off is completed.

DirecTV Net Worth

At the time of TPG Capital’s full acquisition in mid-2025, the valuation of DirecTV was in the neighborhood of $16 billion to $16.3 billion, based on enterprise valuation estimates at spin-off.

Private equity models and market sentiment suggest that this valuation reflects both DirecTV’s earning power and its ability to generate cash flow from an expansive infrastructure and subscriber base.

Moreover, when considering potential synergies with Dish Network, projected enterprise value is estimated to be in a $30 billion to $40 billion range, reflecting the scale and strategic potential of a merged pay-TV business.

Free Cash Flow and Profitability Outlook

Industry forecasts linked to TPG’s proposed merger of DirecTV and Dish anticipate combined annual free cash flow exceeding $6 billion. This level of cash generation underlines the firms’ capacity to reinvest, pay down debt, and fund expanded streaming offerings—even in a declining traditional pay-TV market.

DirecTV’s existing satellite infrastructure and customer relationships continue to produce predictable cash, which can support strategic pivots toward streaming and more flexible TV packages.

Financial Transition and Transparency

Since AT&T began reducing its financial ties in mid-2024, the clarity around DirecTV’s independent financials has diminished. As AT&T removed DirecTV from its consolidated balance sheet, key metrics like profit margins, EBITDA, and debt ratios became more opaque.

However, bond markets suggest that DirecTV maintains sufficient cash generation to service its obligations. Bond maturities extend into the medium term with moderate coupon rates, indicating manageable credit risk and no immediate liquidity concerns

Brands Owned by DirecTV

Here’s a list of the major companies, subsidiaries, and brands owned by DirecTV as of August 2025:

DIRECTV

DirecTV’s flagship residential satellite TV platform delivers national and local channels, premium networks, pay-per-view, and sports packages. It uses a dedicated satellite fleet, national installation partners, and certified dealers. Packages are built around live TV first, with options for premium add-ons. The service is designed for whole-home viewing with multi-room capability, 4K support, and integrated on-demand catalogs.

DIRECTV via Internet

This is DirecTV’s full channel lineup delivered over broadband instead of a dish. It mirrors the satellite experience—live channels, on-demand, cloud DVR, and premium add-ons—but runs entirely through an internet connection. It targets customers who want DirecTV’s live TV packages without satellite installation, and it features a simplified setup flow and fast activation.

DIRECTV STREAM

DirecTV’s virtual MVPD service (vMVPD) emphasizes streaming flexibility. Customers authenticate on popular streaming devices and smart TVs, use cloud DVR, and stack genre or sports packs. It’s positioned for cord-cutters who still want a robust live channel grid, regional sports, and premium options in a pure streaming format with month-to-month flexibility.

U-verse TV

The legacy IPTV video service remains under the DirecTV umbrella in served footprints. It continues to support existing customers and select new activations where compatible last-mile access exists. U-verse integrates live TV, on-demand libraries, and DVR hardware, while offering upgrade paths to DirecTV via Internet or DirecTV STREAM for customers transitioning to all-IP experiences.

DIRECTV for BUSINESS

DirecTV’s commercial video arm serves bars, restaurants, retail, offices, fitness centers, campuses, and government facilities. It offers tailored channel lineups, commercial music, multi-TV sports viewing, and marketing kits for venues. DirecTV for BUSINESS also acts as the primary satellite distribution partner for certain premium live sports packages sold to commercial establishments under long-term distribution agreements.

DIRECTV for Hospitality & Lodging

A specialized commercial division providing bulk video solutions to hotels, resorts, hospitals, senior living, and similar multi-room properties. It supports centralized headend systems, property-wide channel management, guest entertainment interfaces, and integration with property management systems. It offers scalable tiers for everything from boutique hotels to large hospitality brands.

DIRECTV Advertising

DirecTV’s in-house ad platform sells and serves addressable and programmatic ads across satellite and streaming footprints. Capabilities include household-level targeting on linear, dynamic ad insertion on IP video, and “pause ad” formats on compatible devices. Advertisers can unify campaigns across DirecTV satellite, DirecTV via Internet, and DirecTV STREAM inventory, with measurement and attribution tools for incremental reach.

Gemini

DirecTV designs and deploys the Gemini device ecosystem to unify live TV, cloud DVR, and third-party streaming apps in one interface. The Gemini set-top integrates with satellite installs; Gemini Air is a compact HDMI streaming dongle for DirecTV via Internet and DirecTV STREAM. Features include voice remote, universal search, app aggregation, and a curated home screen that blends live and on-demand content.

DIRECTV App & Cloud DVR

DirecTV maintains first-party mobile, tablet, and living-room apps that extend live TV, on-demand viewing, and cloud DVR management outside the main set-top device. The app supports account management, remote scheduling, cast-to-TV, and authenticated access to network apps. Cloud DVR provides multi-profile recording, series prioritization, and streaming playback across devices.

DIRECTV Residential Protection & Service Programs

DirecTV operates branded protection plans and service programs that cover device replacement, technician visits, and priority support. These plans reduce friction for satellite customers managing equipment over time, and they provide predictable service costs for households that rely on multi-room setups or premium hardware.

DIRECTV Multidwelling Unit (MDU) & Community Solutions

An operating channel focused on bulk and retail video for apartments, condos, master-planned communities, RV parks, and marinas. It bundles property-wide infrastructure with resident activation workflows. Solutions range from centralized headends to unit-level service with simple move-in transfers and bulk billing where applicable.

DIRECTV Sports & Premium Distribution

Within DirecTV for BUSINESS, DirecTV runs the satellite distribution of high-demand live sports packages and premium events to commercial venues under long-term licensing and resale agreements. This includes out-of-market pro sports for bars and restaurants, seasonal sport packages, and marquee event nights, all with venue marketing support and multi-screen optimization. (Residential rights for certain properties may reside with other platforms; DirecTV focuses on commercial distribution where it holds agreements.)

DIRECTV Wholesale & Authorized Dealer Network

DirecTV operates a national network of authorized dealers and wholesale partners for residential and commercial segments. These entities sell, install, and support DirecTV services under company standards. DirecTV provides co-marketing funds, merchandising, training, and compliance oversight to maintain uniform customer experience and technical quality.

DIRECTV Content Partnerships & Reb undling Initiatives

DirecTV manages licensing with major programmers and sports leagues and runs bundling initiatives that add premium direct-to-consumer apps or sports packs to eligible TV plans. These offers are periodically refreshed to increase perceived value, reduce churn, and reinforce DirecTV’s sports-centric positioning across satellite and streaming tiers.

DIRECTV Product Packaging & Genre Packs

DirecTV curates its Signature package tiers across satellite and streaming, then layers optional genre packs such as sports, entertainment, news, and international. The packaging engine is a core operating function that determines lineup, channel placement, regional sports availability, and promotional cadence, harmonized across satellite, internet, and streaming footprints.

Conclusion

DirecTV remains one of the most recognized names in satellite and streaming television. Its ownership has changed over time, but the brand continues to play a major role in delivering live TV and on-demand entertainment to millions of customers. The question of who owns DirecTV reflects its long history in the broadcasting industry and its ability to adapt to new viewing trends. Regardless of future changes, DirecTV’s place in the television landscape remains significant.

FAQs

Who owns DirecTV Stream?

DirecTV Stream is owned and operated by DirecTV, LLC. The service falls under the same corporate umbrella as the satellite and other streaming offerings. Since 2021, DirecTV has been a separate company majority-owned by AT&T and partially owned by the private equity firm TPG Capital.

Who bought DirecTV from AT&T?

In August 2021, AT&T sold a 30% stake in DirecTV to TPG Capital, a private equity firm. AT&T retained a 70% ownership stake, making it the majority shareholder, while TPG became a significant minority owner and strategic partner.

Why did AT&T sell DirecTV?

AT&T sold part of DirecTV to reduce its heavy debt load and focus on its core wireless and broadband businesses. The traditional pay-TV market had been in decline for years due to cord-cutting, so the sale allowed AT&T to generate cash, share operational risk, and bring in a partner to help manage the business in a more agile way.

How much did AT&T sell DirecTV for?

The deal with TPG Capital valued DirecTV at approximately $16.25 billion in 2021. AT&T received $7.8 billion in cash from the transaction, with the rest reflecting the retained ownership stake and assumed debt.

Who bought DirecTV TV?

DirecTV, including its satellite service, DirecTV Stream, and U-verse TV, was purchased by a joint venture formed between AT&T and TPG Capital in 2021. AT&T remained the majority owner while TPG took a minority stake.

Does AT&T still own DirecTV?

Yes. As of 2025, AT&T still owns 70% of DirecTV and remains the controlling shareholder. TPG Capital holds the remaining 30% stake.

Who is the new owner of DirecTV?

While AT&T remains the majority owner, TPG Capital became the new co-owner after the 2021 transaction. DirecTV is now operated as a standalone company, separate from AT&T’s day-to-day operations but still under its majority control.

Where is DirecTV headquarters?

DirecTV’s headquarters is located in El Segundo, California, USA. This location serves as the main base for its corporate leadership, operations, marketing, and product development teams.

Is Dish owned by AT&T?

No. Dish Network is a completely separate company and a direct competitor to DirecTV. It is not owned by AT&T or DirecTV. Dish operates its own satellite TV and streaming services under independent management.