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AT&T Inc. (T) could be about to make a move that would make income investors happy.

What Happened

Reuters reports, citing people familiar with the matter, that AT&T and Texas-based private equity firm TPG are in exclusive talks over a deal for TPG to buy a minority stake in DirecTV. Reuters was not able to report what prices are being suggested, but its sources said an announcement could be coming in the weeks ahead.

Why It Matters

The deal would help AT&T unload some of the nearly $150 billion in debt it has taken on in its foray into entertainment. It bought DirecTV in 2015 for $49 billion and Time Warner in 2018 for $85 billion. DirecTV has been hit hard by consumers' move to streaming services, such as Netflix Inc. (NFLX).

The Wall Street Journal reported last month that offers from prospective DirecTV buyers were in the range of $15 billion. The company is also under pressure to maintain its reputation as a "dividend aristocrat."