The boards of AT&T Inc. (T) and DirecTV (DTV) plan to meet on Sunday to approve the merger of the two companies, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
The paper’s sources claim that AT&T will pay a dollar amount in the mid-90s per share for DirecTV, valuing the largest U.S. satellite-TV provider at almost $50 billion.
The deal, which will create a new pay television giant, could be announced as soon as Sunday afternoon, the report said.
Last week Bloomberg reported that price for the El Segundo, Calif.-based DirecTV could go as high as $100 a share.
Shares in the $43 billion company rose 1.25 percent on Friday to close at $86 and change.
AT&T’s move comes after Comcast Corp. (CMCSA)’s announcement in February to acquire its closest cable rival Time Warner Cable (TWC) for $45.2 billion, or $159 a share, in a deal that would create a giant dominating America’s major markets.