AT&T announced a deal to acquire DirecTV.
The boards of the two companies met Sunday to hash out a plan for AT&T to buy the nation's biggest satellite television provider.
The deal is reportedly worth nearly $50 billion. The combination of the two companies, if approved by regulators, will continue a wave of consolidation in the television and telecommunications industries.
Comcast is currently awaiting regulatory approval for its plan to merge with Time Warner Cable.
AT&T and Softbank, the parent company of wireless provider Sprint, is currently trying to buy T-Mobile.