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Tuesday, June 24, 2014

DirecTV to US lawmakers on AT&T deal: broadband 'changing everything', (NYSE: T)

DirecTV's chief executive officer told lawmakers on Tuesday that the largest U.S. satellite television provider needs to merge with AT&T Inc so that it can offer Internet service to consumers that is critical to remaining competitive. "We've competed aggressively by delivering more high-definition channels, a clearer picture ... than cable," CEO Michael White said at a hearing on the proposed $48.5 billion merger before the House Judiciary Committee."In recent years, however, broadband is changing everything. If we want to continue to compete effectively in today's Internet-driven economy, we must adapt as well."AT&T CEO Randall Stephenson reiterated his company's assurances to the Federal Communications Commission earlier this month that the merger would combine the two companies' complementary products to offer the bundles of video and broadband services that consumers increasingly want.AT&T, the No. 2 U.S. wireless carrier, told the FCC in a filing that the merger would create a stronger competitor to the cable companies, including in the areas where DirecTV and AT&T now overlap, and would bring better Internet service to rural areas.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T traded higher by 0.11% or $0.04/share to $35.43. In the past year, the shares have traded as low as $31.74 and as high as $36.86. On average, 26105700 shares of T exchange hands on a given day and today's volume is recorded at 6079635.