The companies promised consumer benefits like more economical bundles that tie mobile phone, pay TV and Internet service together on a single bill.
on a conference call with journalists Sunday.
services, with download speeds of at least 6 megabits per second where feasible.
Stephenson and DirecTV CEO Michael White both said the merger would allow the combined company to offer video over multiple screens, but acknowledged that deals with content providers to expand service on multiple platforms still need to be negotiated.
But the deal could face unique regulatory scrutiny from the Federal Communications Commission and Department of Justice. households. That's a situation that could result in higher prices for consumers and usually gives regulators cause for concern.
AT vowed to sell its roughly 9 per cent stake in Latin American wireless carrier Amrica Mvil for about $5 billion.
DirecTV offers neither fixed line or mobile Internet service, and its rights to airwave frequencies for satellite TV are not the kind that AT can use to improve its mobile phone network.
AT vowed to abide by the open Internet order from 2010 that the Federal Communications Commission is now in the process of revising after a court struck it down.
"What it does is it gives us the pieces to fulfil a vision we've had for a couple of years the ability to take premium content and deliver it across multiple points: your smartphone, tablet, television or laptop," AT Chairman and CEO Randall Stephenson said Adidas Hat White And Black
AT would offer standalone broadband service for at least three years after closing, so consumers could consume video from Netflix and other online Nike Hats Boys
Analysts have questioned Nike Caps the strategic benefits of a deal, particularly because it would give AT a larger presence in the mature market for pay TV.
AT would expand high speed broadband access to 15 million more homes beyond the 70 million that could now get AT service within four years.
Still, Stephenson has talked exuberantly about how the growth of online video helps boost demand for its Internet and mobile services. Last month, AT entered a joint venture with the Chernin Group to invest in online video services.
with a number of what he called "unprecedented" commitments. Among them:
"This is going to prove to be a pro competitive and pro consumer transaction," Stephenson said.
That would make it the second largest pay TV operator behind a combined Comcast Time Warner Cable, which would serve 30 million under a $45 billion merger proposed in February.
DirecTV would continue to be offered as a standalone service for three years after the deal's closing.
The companies are aiming to eke out $1.6 billion in annual cost savings in an increasingly expensive and maturing pay TV business. The extra cash flow gives AT more ability to invest in its landline and mobile networks for broader reach and faster speeds in a market where it risks falling behind a bulked up Comcast Time Warner Cable.
"This positions us well to compete in the 21st century," White said. "I think our future is bright together in ways that make both of our companies stronger."
Stephenson said those concerns would be addressed Nike Hat Models
5 billion DirecTV acquisition could form 2nd largest US pay TV company
White said that, for example, DirecTV's exclusive deal for its signature product, NFL Sunday Ticket, expires at the end of the coming season. He said he was "confident" the deal would be extended with the NFL on an exclusive, long term basis, and noted that in the past, DirecTV has sold the football package directly to online platforms, such as to users of Sony's PlayStation.
AT and DirecTV expect the deal to close within 12 months. Under the terms announced Sunday, DirecTV shareholders will receive $28.50 per share in cash and $66.50 per share in AT stock. The total transaction value is $67.1 billion, including DirecTV's net debt.
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