WSJ: AT&T Close to Bid for EchoStar or DirecTV

Authored by Mark Hefflinger on October 24, 2007 - 10:06am.

New York - AT&T, which has been pondering an acquisition in the satellite TV sector, is now closing in on a deal, The Wall Street Journal reported on Wednesday, citing "people familiar with the matter."

The company has reportedly been seeking legal advice on the prospective government approval timeline of such a deal for DirecTV or EchoStar Communications, which operates the DISH Network service.

The Journal said that an acquisition of EchoStar would be less complicated, as it is owned largely by institutional shareholders; DirecTV is 39.5% owned by News Corp., although that company's deal to sell its stake to Liberty Media is pending approval.

AT&T would seek to announce its intentions before the end of the year, hoping to obtain approval before a new administration takes office, The Journal reported.

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