A whopping $49 billion acquisition of DirecTV by AT&T has been approved by the Federal Communications Commission (FCC), and the two companies will now create the largest pay-TV business in the United States.
The deal allows AT&T to receive new revenue growth outside of its wireless service, while DirecTV desperately gets a broadband product that the company was unable to create for itself.
"The conditions imposed by the Commission address potential harms presented by the combination," according to the FCC. "The conditions also ensure that the benefits of the merger will be realized."
"We'll now be able to meet consumers' future entertainment preferences, whether they want traditional TV service with premier programming, their favorite content on a mobile device, or video streamed over the Internet to any screen," said Randall Stephenson, Chairman and CEO at AT&T.
US regulators previously rejected a deal by Comcast to purchase Time Warner Cable for $45 billion, but AT&T has just 6 million U-Verse TV customers - but will receive a major bump from DirecTV.