AT&T buys Direct tv for 48 billion dollars

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AT&T buys DirecTV for $48.5 billion :whoo:

AT&T agreed Sunday to buy DirecTV for about $48.5 billion in yet another mammoth deal in the pay-TV space this year that would immediately boost the telecom giant's customer base at a time of confounding industry challenges.

The merger, which both boards approved Sunday, is the latest evidence of TV-industry consolidation that underscores telecommunications companies' desire to amass customers and control content and delivery. With streaming and wireless technology upending the industry, cable and satellite service providers are rushing to add product options while boosting revenue per customer to please shareholders.

In the deal, AT&T would pay DirecTV shareholders $95 per share, valuing the satellite-TV service provider at $48.5 billion. Including DirecTV's debt, the total transaction's value is about $67.1 billion.

DirecTV shareholders will get $28.50 per share in cash and $66.50 per share worth in AT&T stock. In the stock portion of the deal, they will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58. If AT&T's stock price at closing is between $34.90 and$38.58, DirecTV shareholders will receive between 1.724 and 1.905 shares of AT&T stock, equal to $66.50 in value.

In anticipation of the deal -- their talks were first leaked in late April -- DirecTV shares have risen 12%.
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FCC!!!!
 
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