US: AT&T officially announces DirecTV acquisition plan

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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