DirecTV shareholders approve company’s $48.5bn acquisition by AT&T
In a Thursday statement, satellite television provider DirecTV revealed that an overwhelming majority of the company's shareholders has given the approval for the $48.5 billion acquisition of DirecTV by bigwig wireless carrier AT&T.
According to El Segundo, California-based DirecTV, the pending acquisition of the company by AT&T was approved by more than 99 percent of the shareholder votes, comprising 77 percent of all outstanding shares.
The proposed acquisition of DirecTV by Dallas-based AT&T was first approved by the boards of both the companies in May this year. The acquisition deal is still being reviewed by anti-trust regulators at the Department of Justice as well as the Federal Communications Commission.
As per a Bloomberg report, DirecTV CEO Mike White recently revealed at a shareholders meeting in New York that the DirecTV-AT&T merger is likely to close in April 2015.
Though DirecTV and AT&T will continue to operate as separate entities even after the merger, the combined company will offer bundled media subscriptions which will include video, high-speed broadband and mobile services.
About the benefits of the DirecTV-AT&T merger to consumers, a statement on the DirecTV website reads as follows: "Together, DirecTV and AT&T will be a stronger competitive alternative to cable."
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