Decades in the making, satellite-TV rivals DirecTV and Dish are combining after a pair of transactions were announced Monday morning.

Telecommunications giant AT&T ( T ) has agreed to sell its remaining 70% stake in DirecTV to private-equity firm TPG ( TPG ) for roughly $7.6 billion spread over the next several years, the companies said.

AT&T said it expects the transaction to close in the second half of 2025, and will receive payments through 2029 from TPG, which bought a 30% stake in DirecTV in 2021.

Subsequently, EchoStar ( SATS ) announced that it agreed to sell its video distribution operations, including Dish and streaming service Sling TV, to DirecTV, which will assume about $9.75 billion in debt.

AT&T Sells DirecTV To Focus on 5G, Internet Efforts

AT&T said it has “achieved financial outcomes consistent with its expectations,” generating $19 billion in the three years since its initial deal with TPG. Now, however, AT&T said it wants to “focus on being the leading wireless 5G and fiber connectivity company in America,” and said the deal would strengthen its balance sheet.

AT&T said it expects to receive $1.7 billion in distributions over the second half of 2024, plus $5.4 billion in 2025, and about $500 million in 2029, according to a regulatory filing.

EchoStar Then Sells Dish and Sling TV To DirecTV

Separately Monday, EchoStar ( SATS ) announced an agreement to sell its video distribution operations to DirecTV as part of a series of transactions to alleviate billions in debt.

AT&T and EchoStar shares rose roughly 1% in premarket trading.