AT&T Completes DIRECTV Acquisition

(RTTNews) - Telecoms giant AT&T Inc. (T) said Friday that it has completed its acquisition of pay TV provider DIRECTV.

Under the deal, DIRECTV shareholders received 1.892 shares of AT&T common stock, in addition to $28.50 in cash, per share of DIRECTV.

AT&T now is the largest pay TV provider in the U.S. and the world, providing service to more than 26 million customers in the United States and more than 191 million customers in Latin America, including Mexico and the Caribbean.

Additionally, AT&T has more than 132 million wireless subscribers and connections in the U.S. and Mexico; offers 4G LTE mobile coverage to nearly 310 million people in the U.S.; covers 57 million U.S. customer locations with high-speed Internet; and has nearly 16 million subscribers to its high-speed Internet service.

AT&T said that John Stankey will be CEO of AT&T Entertainment & Internet Services, responsible for leading its combined DIRECTV and AT&T Home Solutions operations. Stankey will report to Randall Stephenson, AT&T chairman and CEO. DIRECTV President, Chairman and CEO Mike White announced his plans to retire.