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Thursday, August 7, 2014

DirecTV, AT&T to own Houston sports network post-bankruptcy-filing, (NYSE: T)

DirecTV and AT&T Inc will jointly own the television sports network that broadcasts Houston Astros baseball and Houston Rockets basketball games under the network's plan to end its bankruptcy, according to court documents. DirecTV Sports Networks will own 60 percent of Houston Regional Sports Network and AT&T will own 40 percent, according to documents filed late Wednesday with the U.S. Bankruptcy Court in Houston.The network was pushed into bankruptcy by a unit of Comcast Corp, which loaned the network $100 million and filed an involuntary bankruptcy against it in September. At the time, Comcast said the network should be put up for sale and that it was prepared to bid.A spokeswoman for Comcast did not immediately respond to a request for comment.The network was formed in 2003 by the Astros and Rockets to broadcast their games as well as games of the Houston Dynamo soccer team and 150 college games. Comcast bought a stake in 2010.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T fell by 0.71% or $-0.2472/share to $34.37. In the past year, the shares have traded as low as $31.74 and as high as $37.48. On average, 23090700 shares of T exchange hands on a given day and today's volume is recorded at 7901585.