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Report: DirecTV Deal Gets DOJ Clearance; FCC Timeline Continues

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DirecTV (NASDAQ: DTV) shares spiked Monday on a report that an agreement with antitrust regulators paved the way for its $4.85 billion acquisition by AT&T (NYSE: T).

The New York Post reported the deal will obtain clearance in October from the Department of Justice, which administers the Hart-Scott-Rodino antitrust act.

The report didn't address separate approvals from the Federal Communications Commission. DirectTV has said it expects FCC clearance around February 3, given that agency's typical 180-day review period.

Public comments on the merger are due to FCC September 16 with responses required by November 5.

Brazilian regulators approved the merger July 21 and the company said it has obtained approvals from all required state Public Utilities Control authorities.

AT&T wants to obtain DirecTV's 20 million subscribers, adding them to its 5.7 million U-Verse TV service subscribers.

DirecTV holders are to receive about $95 per share in cash and AT&T stock in the merger. DirecTV traded recently at $85.23, up nearly one percent.

Posted-In: News Rumors Legal M&A Intraday Update

 

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