AT&T and TPG Capital have completed their DirecTV deal, spinning off the brand from AT&T.

After buying DirecTV in 2015 for $48.5 billion ($67.1 billion including debt), the service lost millions of subscribers in the ensuing years. As a result, AT&T decided to spin off the satellite TV company in a deal with TPG Capital.

The new DirecTV company will own DIRECTV, AT&T TV and U-verse video services. HBO Max, owned by AT&T’s WarnerMedia, is not included in the deal.

AT&T will retain 70% ownership of the new company, while TPG Capital will own the remaining 30%.