AT&T Inc. is in advanced talks to acquire DirecTV, the largest U.S. satellite TV provider, for about $100 a share, sources told Bloomberg News.
Under the plan being discussed, DirecTV management will continue to run the company as a unit of AT&T, and DirecTV chief executive officer Mike White plans to retire after 2015, said the sources, asking not to be named because the information is private.
The $100-per-share price values DirecTV at about $50 billion. That’s about 29 percent above DirecTV’s price on April 30, before The Wall Street Journal first reported the companies were in talks.
DirecTV and AT&T are planning on a 12-month regulatory process, sources said.
Darris Gringeri, a DirecTV spokesman, declined to comment. Mark Siegel, an AT&T spokesman, could not be reached for comment.