The shareholders of DirecTV overwhelmingly approved the sale of the company for $48.5 billion to AT&T.
Of the votes sent in by the participating shareholders, who represented around 77 percent of the total shares of the company, 99 percent were in favor of AT&T's acquisition of DirecTV.
The company announced the results of the voting in a meeting of shareholders in New York. In the same meeting, DirecTV CEO Mike White also said that the acquisition deal is still expected to close next year in early April.
In addition, White said that there have been no talks yet regarding his role in the company after the acquisition is completed.
White also reiterated his expectation that the company will reach an agreement by the end of 2014 to gain the rights to air the National Football League's Sunday Ticket package, which is a very significant agreement for DirecTV as AT&T's acquisition of the company depends on the extension of the contract with the NFL.
The Sunday Ticket package provides subscribers with live access to NFL games played on Sundays on several platforms, including video game consoles and iPads.
AT&T's acquisition of DirecTV will combine the country's biggest satellite TV company with the currently offered services of AT&T that include phone, wireless and high-speed Internet.
The merger between the two companies, however, is being opposed by consumer groups because it could not be beneficial to the consumers over the long term. Since the merger will be decreasing competition in the industry, it could lead to higher rates for services offered by companies.
AT&T and DirecTV responded by saying that the opposite will happen, as the deal will lead to the lowering of the prices of services.
The companies said that the merger will pressure cable companies to lower their rates to continue competing with the combined services of AT&T and DirecTV.
"Econometric analysis confirms that by making us more competitive, the merger will put downward pricing pressure on cable products — cable bundles, cable video and cable broadband," said AT&T CEO Randall Stephenson.
The two companies, however, did not make any commitments to lowering the prices of their own services that they will offer.
The deal is currently being investigated by the state attorneys general from about 20 states, coinciding with the reviews being conducted by the Justice Department and the Federal Communications Commission.
The investigations center on the aforementioned concerns that the business combination of AT&T and DirecTV will lead to higher prices of services amid decreased competition by the companies.
