Wireless giant AT&T has officially announced plans to acquire cable operator DirecTV following insider rumors the company would announce the deal late Sunday.
According to a report from Buzzfeed, a source told reporters that “the deal is done” and that senior DirecTV executives have already been notified of the plans. Earlier reports have valued the acquisition at about $50 billion.
Late Sunday, the parties confirmed the news, though noted that the agreement calls for the sale of DirecTV for $48.5 billion.
The deal will allow AT&T to strengthen its position in the video content streaming industry, as DirecTV hold about 20 million satellite television subscribers around the nation.
Full content: Reuters
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