AT&T agreed to buy DirecTV for $49 billion, creating a new pay-TV giant and giving AT&T CEO Randall Stephenson more clout with content companies as video moves to the Internet. Shalini Ramachandran reports. Photo: Getty.
AT&T Inc. T -0.98% 's proposed $49 billion acquisition of DirecTV DTV -1.77% comes with a big caveat: Without football rights, there may be no deal.
AT&T can walk away if the satellite-TV provider isn't able to renew its prized "Sunday Ticket" offering with the National Football League on "substantially…the terms discussed between the parties," the telecom company said in a securities filing Monday. DirecTV's current deal with the NFL expires at the end of the 2014 football season.



