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MORE: AT&T said in advanced talks to buy DirecTV for about $50 billion: http://bloom.bg/QBGCIB
MORE: AT&T said in advanced talks to buy DirecTV for about $50 billion: http://bloom.bg/QBGCIB
AT&T Inc. (T) is in advanced talks to acquire DirecTV (DTV), the largest U.S. satellite-TV provider, for about $100 per share, according to people familiar with the matter.
Under the plan being discussed, DirecTV management will continue to run the company as a unit of AT&T and DirecTV Chief Executive Officer Mike White plans to retire after 2015, said the people, asking not to be named because the information is private.
The $100 per share price values El Segundo, California-based DirecTV at about $50 billion. That’s about 29 percent above DirecTV’s price on April 30, before the Wall Street Journal first reported the companies were in talks.
DirecTV and AT&T are planning on a 12-month regulatory process, one of the people said.
Darris Gringeri, a DirecTV spokesman, declined to comment. Mark Siegel, an AT&T spokesman, did not immediately return a phone call seeking comment.