AT&T has reached an agreement with the Department of Justice, clearing a major regulatory hurdle in its quest to purchase DirecTV, according to an exclusive report in the New York Post.
Citing unnamed sources "close to the process," the paper says AT&T (NYSE: T) has agreed to a number of unspecified conditions in order to gain regulatory approval for the $49 billion takeover bid.
DirecTV and AT&T both (NASDAQ: DTV) had no comment to FierceCable's Monday-morning inquies for confirmation.
A DOJ sign-off would remove the antitrust hurdles that many analysts feel are the biggest potential regulatory threat to a AT&T/DirecTV union. However, the merger would still have to be approved by the Federal Communications Commission.
Ultimate approval would allow AT&T to add DirecTV's 20 million satellite-TV subscribers to a video services portfolio that includes 5.7 million U-verse TV customers.
- read this New York Post story
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