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AT&T and DirecTV are one step closer to consummating their union.
AT&T
DirecTV shareholders on Thursday voted to approve AT&T’s offer to buy the satellite TV company for $48.5 billion. DirecTV said 99 percent of shareholders voted in favor of the deal.
The proposed deal, announced in May, will give AT&T access to a nationwide television service it can pair with its wireless offering. AT&T believes the expanded reach and ability to bundle the two services together will allow it to better compete with both wireless and cable competitors. Additionally, the company could push the bundles at its chain of nationwide wireless stores.
AT&T currently offers television and broadband service through its U-Verse platform, but its availability is limited in regions where it offers telephone service as well. As such, the company is keen to bring DirecTV into the fold.
“We appreciate DirecTV shareholders’ approval and look forward to continuing our work with the various regulatory agencies reviewing the deal to gain their approval as well,” said an AT&T spokesman.
DirecTV and AT&T are still awaiting approval from the Federal Communications Commission and the Justice Department. It is expected to close in the first half of 2015.
Updated at 9:26 a.m. PT: To include a response from AT&T.
