AT&T buying Direct TV for $48 billion - New York News

AT&T buying Direct TV for $48 billion

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NEW YORK (MYFOXNY) -

AT&T says it is getting into the satellite TV business.

The telecommunications giant plans to buy Direct TV for $48 billion dollars.

Analysts say the deal would help AT&T’s bottom line in the face of growing competition from other cell phone service providers.

Federal regulators still have to approve the sale.

AT&T’s big buy comes as Comcast awaits approval of its $45 billion dollar bid for Time Warner cable.

"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, mobile devices, TVs, laptops, cars and even airplanes. At the same time, it creates immediate and long-term value for our shareholders,” said Randall Stephenson, the chief executive of AT&T, in a statement.

He described Direct TV as the “best option” for AT&T “because they have the premier brand in pay TV, the best content relationships, and a fast-growing Latin American business.”

The Wall Street Journal first reported on talks between the two companies on May 1.

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