This spring, AT&T announced that it would sell WarnerMedia to smaller rival Discovery.ĪT&T to spin off HBO, other WarnerMedia assets in a huge deal with Discovery. It also has been under pressure to get rid of assets to generate cash to pay down its debt from its buying spree, which included the $85-billion purchase of WarnerMedia, parent of HBO, CNN, Turner and the Warner Bros. The spinoff comes as AT&T tries to streamline its holdings.
Morrow said DirecTV was “not interested in any way, shape or form” in extending the current arrangement with the NFL beyond the 2022 season.ĪT&T has agreed to cover the NFL losses, according to a regulatory filing. In addition, the NFL has grown more interested in experimenting with streaming partners and granted a partnership with Amazon. In recent years, DirecTV has been losing tens of millions of dollars a year on its partnership with the NFL, and it can no longer stomach the losses. “But then the NFL began spreading games across various days of the week and giving the rights to other distributors.” “The NFL Sunday Ticket was a great idea when it first started,” Morrow said. The new company will be based in El Segundo and in Denver.īut there will be other changes eventually, including to one of DirecTV’s signature offerings, the NFL Sunday Ticket package.ĭirecTV maintains the rights to out-of-market Sunday afternoon football games through the 2022 season, but when the NFL deal expires the company will probably discontinue the package. DirecTV also said it will honor terms of existing collective bargaining agreements covering union-represented employees. Morrow said he doesn’t envision restructuring the workforce, which already has endured multiple rounds of reorganizations - and multiple management teams - in recent years. Most of the unit’s workers have transitioned to the new DirecTV. of content that consumers want brought to their doorstep,” Morrow said. Rather than offering a jumble of brands, all products will be marketed as DirecTV.Īt its core, DirecTV’s strategy is to return to handling “aggregation, curation and distribution.
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Company research and customer surveys, he said, have shown that many consumers still want bundles of their favorite TV channels in addition to streaming services, like Netflix. Morrow believes the satellite TV business, while declining, will be around longer than some analysts have projected. “For all intents and purposes, AT&T is now out of the pay-TV space.”ĭirecTV will have a five-member board: two representatives of AT&T and two representatives of TPG, as well as Morrow, who plans to bring a different focus to DirecTV. “Although AT&T starts with a 70% stake in DirecTV, they will likely wind down their investment over time,” said Steve Nason, research director for Addison, Texas-based consulting firm Parks Associates. He worked about five years spearheading New Zealand’s efforts to build a nationwide broadband network.ĪT&T hired him in late 2019 when the company was under pressure from an activist investor that demanded that AT&T pay down its debt and get rid of non-core assets. Morrow, a former CEO of Pacific Gas & Electric in San Francisco, has spent more than a decade in the industry.
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