DirecTV Shareholders Approve $48.5 Billion Sale to AT&T

Mike White | DirectTV
Jonathan Fickies/Bloomberg via Getty Images

2010 Pay: $32.9 million (first year in position)
DirecTV stock change for fiscal year: +19.7%

At a special meeting in New York on Thursday, DirecTV shareholders gave the company the go-ahead to sell its satellite business to AT&T in a deal valued at $48.5 billion.

The green light was expected to happen, and DirecTV management trumpeted that more than 99 percent of votes were cast in favor of the adoption of the merger agreement.

The merger still needs to survive scrutiny from regulators at the U.S. Department of Justice and the Federal Communications Commission, but DirecTV CEO Mike White expressed optimism today that the deal would close by early April.

Besides approval from federal regulators, the AT&T-DirecTV marriage could also be subject to antitrust challenges from state attorney generals. The merger is also being considered in the wake of consolidation in the entertainment sector, and in particular, Comcast's proposed acquisition of Time Warner Cable.

White told shareholders that his future role at the company hasn't yet been determined.