AT&T And DirecTV Announce $49M Merger (VIDEO)

May 18, 2014 Updated May 18, 2014 at 11:52 PM EDT

UNDATED, Ind. (21Alive) – Telecommunications giant AT&T announced it is buying satellite TV provider DirecTV for $95 a share, a deal worth a total of about $49 billion.

The sale was approved unanimously by the boards of directors of both companies.

Analysts say the merger allows AT&T to expand its mobile, video and broadband services. It also strengthens the company's ability to compete with Comcast and Time Warner Cable, which announced a merger in February.

AT&T and DirecTV expect the deal to be finalized by this time next year.

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