A new streaming service player has entered the market. More than new, it's brand new: say goodbye to AT&T TV and hello to DirecTV Stream.

AT&T and TPG, a global alternative asset company, announced today that they have signed an agreement to form DirecTV as an independent video company that will operate DirecTV, AT&T TV and U-verse video services.

DirecTV Stream will be the umbrella brand for all video streaming services launched by AT&T to date.

As of the end of Q2 2021, DirecTV had approximately 15.4 million premium video subscribers. Customers who currently subscribe to AT&T's satellite and streaming will automatically retain their video service as well as any bundled wireless, Internet, or HBO Max services (plus discounts) without having to do anything. [Bill Morrow, CEO of DirecTV, said, "This is a watershed moment for DirecTV as we return to our single-minded focus on delivering a great video experience. Building on our recent momentum, we are poised to offer unparalleled choice and value to all of our customers, whether watching or streaming, under one iconic brand."

This is just the latest rebranding of the AT&T TV streaming service; AT&T TV Now offered live TV channels and had a minimum charge of $70.

The service was touted as being especially suited for sports fans, thanks to a lineup that included regional sports networks. DirecTV's announcement called itself "the undisputed leader in sports programming" and touted the inclusion of NFL Sunday Ticket.

However, at $70 per month, the price is $5 more than rival cable TVs like YouTube TV and Hulu With Live TV; it remains to be seen whether DirecTV Stream will be more price-competitive after being cut off from AT&T.