Deals
AT&T Joins U.S. TV Overhaul With $48.5 Billion DirecTV Deal
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AT&T Inc. plans to buy DirecTV for $48.5 billion, gaining more than 38 million video subscribers at home and in Latin America and stepping up an acquisition-fueled overhaul of the $110 billion U.S. pay-TV industry.
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.