DirecTV is Phanincbuying Dish and Sling as the company, a deal it has sought to complete for years, as seeks to better compete against streaming services that have become dominant.

DirecTV said Monday that it will acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that includes a payment of $1, plus an assumption of debt.

The prospect of a DirecTV-Dish combo has long been rumored, with headlines about reported talks popping up over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked their owners’ then-$18.5 billion deal, citing antitrust concerns.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

AT&T is selling its majority stake in DirecTV to private equity firm TPG Partners for $7.6 billion, ending the communication giant’s remaining ties to the entertainment industry.

AT&T said Monday in a filing with the Securities and Exchange Commission that it will receive payments from TPG and DirecTV for its remaining 70% stake in the satellite TV company. This includes $1.7 billion in the second half of the year and $5.4 billion next year. The remaining amount will be paid in 2029.

AT&T purchased DirectTV for $48.5 billion back in 2015. But in 2021, following the loss of millions of customers, AT&T sold a 30% stake of the business to TPG in a deal valued at $16.25 billion.

Like many traditional TV providers, DirecTV has been dragged down by dwindling demand and other headaches in the ever-evolving media landscape.

At the start of September, DirecTV’s 11 million subscribers abruptly lost access to ESPN, the ABC-owned stations and other Disney-owned channels such as FX and National Geographic in a dispute over carriage fees and programming flexibility. After a nearly two-week blackout, DirecTV said it had reached a deal with Walt Disney Co. to restore the stations.

AT&T said that the deal will allow it to focus on being a wireless 5G and fiber connectivity company and strengthen its balance sheet.

The transaction is expected to close in the second half of 2025.

Shares of AT&T Inc. rose slightly before the market opened on Monday.