AT&T Agrees to Buy DirecTV For $48.5 Billion

AT&T has reached an agreement to acquire DirecTV, for $48.5 billion, the New York Times and other media outlets reported Sunday. The deal continues a wave of consolidation moves in the telecom and communications businesses.

Buzzfeed reported over the weekend that the deal has been completed and would be announced before the markets open on Monday morning.

The deal will move AT&T, long a top telecom company, into the distributed-video business in a big way.

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