The companies promised the new business will bring new, competitive streaming services. : AT&T and private equity firm TPG Capital said Thursday afternoon they will form a new company called DIRECTV to house AT&T's U.S. video operations, including the DirecTV satellite video operation, the AT&T TV unit, and the U-verse operation. The new company will be 70% owned by AT&T and will have two representatives on its board of directors from each of AT&T and TPG, and a fifth member, the CEO of the new company, Bill Morrow, who currently runs the U.S. video operations.