(Bloomberg) -- AT&T Inc. has completed the transfer of its pay-television business to the private equity firm TPG, offloading the declining operation into a separate company called DirecTV.

The new entity will be run by Bill Morrow, who previously served as special adviser to AT&T, helping to squeeze costs and noncore businesses out of the company. In addition to the satellite TV service, the new DirecTV includes the company’s streaming services like ATT.TV, but not HBO Max, the $15-a-month streaming service that will remain with AT&T.

When the deal was first announced, AT&T stood to get $7.6 billion in cash from the transaction, with the new DirecTV taking on $5.8 billion in committed debt financing.

The transfer of DirecTV is part of a series of recent divestitures. In May, AT&T announced a blockbuster deal to merge its media arm, WarnerMedia, with Discovery.

AT&T said the moves are to return it to its roots by taking big steps toward becoming a smaller, modern communications focused on wireless and fiber networks.

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