Telecoms giant AT&T has announced plans to buy DirecTV, the number one TV satellite provider in the US, for 48.5 billion dollars (approximately 35.5 billion euros).<br /><br />AT&T will be able to combine DirecTV’s huge satellite reach, of more than 35 million subscribers, with its existing phone and Internet packages.<br /><br />The takeover is the latest sign that the wireless and television industries are set to converge. DirecTV has been under pressure to find a partner as more viewers go online for video.<br /><br />The buyout, which has been approved by both companies’ boards, is expected to close within the next 12 months, pending regulatory review and shareholder approval.<br /><br />In initial reaction to the news, DirecTV’s shares surged more than 9 percent in early morning trading in Frankfurt.
