- With official FCC approval in hand, AT&T (NYSE:T +1.1%) has closed its deal for DirecTV (DTV +1.3%), making it the country's largest pay TV provider with more than 26M total subscribers.
- Comcast has nearly 23M subscribers in the U.S. AT&T also now boasts more than 19M TV customers in Latin America.
- DirecTV shareholders received 1.892 shares of AT&T common stock and $28.50 in cash per DirecTV share owned.
- Current DirecTV customers won't see any difference, AT&T says, as integration happens over the coming months. It plans to roll out new promotions for bundled services in the coming weeks.
- The company's named John Stankey its CEO of AT&T Entertainment & Internet Services, leading the combined Home Solutions operations, as DirecTV Chairman and CEO Mike White will retire.
- FCC-mandated conditions include offering fiber-to-the-premises to 12.5M locations within four years; offering gigabit service to any school or library in the all-fiber footprint; offering low-income discounts in the wireline footprint; no favorable treatment for video under data caps; submitting interconnection deals to the FCC.
- AT&T now expects by year's end its revenue streams will be (from highest to lowest): Business Solutions (both wireless and wireline); Entertainment & Internet; Consumer Mobility; and International Mobility and Video.