AT&T announces plan to buy DirectTV for $48.5 billion

AT&T said Sunday that it had agreed to acquire America's biggest satellite television provider, DirecTV, in a deal worth almost $50 billion.

AT&T will pay $95 for each share of DirecTV, split between $28.50 in cash and the equivalent of $66.50 in stock, the companies said yesterday. That's 10 percent more than DirecTV's closing price on May 16. Including net debt, the deal values the largest U.S. satellite-TV company at $67.1 billion.

"This is a unique opportunity that will redefine the video entertainment industry and create a company able to offer new bundles and deliver content to consumers across multiple screens," said Randall Stephenson, AT&T's chairman and CEO, in a statement Sunday.

To facilitate regulatory approval, AT&T will sell its roughly 8 percent stake in Carlos Slim's America Movil. DirecTV has some 18 million customers throughout Latin America, in addition to its 20 million U.S. subscribers.

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See also: AT&T makes bet on video with $48.5 billion DirecTV bid

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