DirecTV Cut Q2 Sub Churn 22%: AT&T

Q2 gross subscriber additions at DirecTV and AT&T’s other pay-TV businesses increased 2% year over year to 492,000, AT&T disclosed to the SEC Friday regarding possible financing for the $7.8 billion spinoff of its U.S. video distribution assets to TPG (see 2102240046). DirecTV churn declined 22% from a year earlier to 1.87%. AT&T reported 15.41 million premium video subscribers, down 13%. While subscribers are still declining rapidly, “the steepest declines may be in the rear-view mirror,” said New Street Research.