During the first quarter of 2025, AT&T expects to receive approximately $1.4 to $1.5 billion of cash payments from DIRECTV related to its agreement to sell its 70% stake in DIRECTV to TPG. The company continues to expect to close the sale by mid-2025, and to receive total after-tax cash payments related to this transaction of $5.4 billion in 2025, as well as after-tax cash payments of $500 million in 2029. In the first quarter, the company also received more than $850 million in cash proceeds from the previously announced structured sale-leaseback of real estate to Reign Capital. Cash received related to the DIRECTV and Reign Capital transactions are not included in AT&T’s free cash flow.
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