AT and T to acquire satellite provider DirecTV in $48.5 bln deal

AT and T has announced plans to acquire satellite provider DirecTV.

If the 48.5 billion dollars deal is approved by regulators, the merged firms will control some 26 million TV subscribers.

The move will make it second only to the hypothetical 30 million accounted for by the Comcast-Time Warner Cable merger, which is still pending.

According to the Verge, the boards of each company had approved the deal for a price of 95 dollars a share, which values the satellite TV provider at 48.5 billion dollars.

In a press release, AT and T confirmed the news, adding that the acquisition will be a stock-and-cash deal.

AT and T said that the acquisition will let the company 'offer bundles that include video, high-speed broadband, and mobile services using all of its sales channels" including "AT and T's 2,300 retail stores and thousands of authorized dealers,' the report said.

According to the report, in a statement, AT and T CEO Randall Stephenson noted that DirecTV "is a great fit" that offers "a unique opportunity that will redefine the video entertainment industry.

He added that the deal will also create a company able to offer new bundles and deliver content to consumers across multiple screens - mobile devices, TVs, laptops, cars and even airplanes, the report added.