f425.htm
 
Filed by AT&T Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: DIRECTV
Commission File No.: 1-34554

The following is a presentation to be used by AT&T and DIRECTV to discuss the estimated broadband coverage through fixed wireless local loop technology resulting from the proposed transaction:
 
 
 
Geographic coverage of FWLL product by state (Customer Locations)

 State  Out-of-Franchise  In-Franchise  Total  State  Out-of-Franchise  In-Franchise  Total
 AL  184,191        180,363        364,554        NC  497,741        106,722        604,463      
 AR  198,374        47,652        246,026        ND  106,864        -        106,864      
 AZ  199,826        -        199,826        NE  44,226        -        44,226      
 CA  185,106        77,350        262,456        NH  166,343        -        166,343      
 CO  219,249        -        219,249        NJ  161,181        -        161,181      
 CT  521        41,608        42,129        NM  150,499        -        150,499      
 DE  61,066        -        61,066        NV  27,853        3,149        31,002      
 DC  -        -        -        NY  951,941        -        951,941      
 FL  309,087        73,440        382,527        OH  634,005        46,998        681,003      
 GA  287,245        211,353        498,598        OK  100,699        44,674        145,373      
 IA  229,782        -        229,782        OR  236,492        -        236,492      
 ID  148,661        -        148,661        PA  1,028,994        -        1,028,994      
 IL  318,836        54,902        373,738        RI  30,772        -        30,772      
 IN  381,634        38,117        419,751        SC  137,013        96,114        233,127      
 KS  60,835        19,020        79,855        SD  135,970        -        135,970      
 KY  217,490        156,608        374,098        TN  166,197        243,303        409,500      
 LA  51,113        118,793        169,906        TX  288,769        133,550        422,319      
 MA  199,265        -        199,265        UT  95,768        -        95,768      
 MD  251,208        -        251,208        VA  583,875        -        583,875      
 ME  124,935        -        124,935        VT  37,298        -        37,298      
 MI  342,517        117,363        459,880        WA  393,511        -        393,511      
 MN  544,303        -        544,303        WI  253,502        27,863        281,365      
 MO  242,585        54,377        296,962        WV  300,034        -        300,034      
 MS  13,047        106,109        119,156        WY  28,896        -        28,896      
 MT  150,873        -        150,873        Total  11,480,192        1,999,428        13,479,620      
 
 
This chart depicts estimated customer location coverage outside of pre-merger build plans and is based on current information and modeling assumptions as of April 17, 2014.  Additional information may alter estimated coverage.  Actual coverage provided will vary as specific network design and construction takes place.  graphic 1
 


 
1
 
 

Coverage map for FWLL product after full deployment
 
Graphic 2
 
 
This map depicts estimated customer location coverage outside of pre-merger build plans and is based on current information and modeling assumptions as of April 17, 2014.  Additional information may alter estimated coverage.  Actual coverage provided will vary as specific network design and construction takes place.   graphic 1
 
 
 
2
 


Cautionary Language Concerning Forward-Looking Statements
 
Information set forth in this communication, including financial estimates and statements as to the expected timing, completion and effects of the proposed merger between AT&T and DIRECTV, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These estimates and statements are subject to risks and uncertainties, and actual results might differ materially. Such estimates and statements include, but are not limited to, statements about the benefits of the merger, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the management of AT&T and DIRECTV and are subject to significant risks and uncertainties outside of our control.
 
Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (2) the risk that DIRECTV stockholders may not adopt the merger agreement, (3) the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated, (4) risks that any of the closing conditions to the proposed merger may not be satisfied in a timely manner, (5) risks related to disruption of management time from ongoing business operations due to the proposed merger, (6) failure to realize the benefits expected from the proposed merger and (7) the effect of the announcement of the proposed merger on the ability of DIRECTV and AT&T to retain customers and retain and hire key personnel and maintain relationships with their suppliers, and on their operating results and businesses generally. Discussions of additional risks and uncertainties are contained in AT&T’s and DIRECTV’s filings with the Securities and Exchange Commission. Neither AT&T nor DIRECTV is under any obligation, and each expressly disclaim any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this announcement are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.
 
Additional Information and Where to Find It
 
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication may be deemed to be solicitation material in respect of the proposed merger between AT&T and DIRECTV. In connection with the proposed merger, AT&T has filed a registration statement on Form S-4, containing a proxy statement/prospectus with the Securities and Exchange Commission (“SEC”). STOCKHOLDERS OF DIRECTV ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders will be able to obtain copies of the proxy statement/prospectus as well as other filings containing information about AT&T and DIRECTV, without charge, at the SEC’s website at http://www.sec.gov. Copies of documents filed with the SEC by AT&T will be made available free of charge on AT&T’s investor relations website at http://www.att.com/investor.relations. Copies of documents filed with the SEC by DIRECTV will be made available free of charge on DIRECTV’s investor relations website at http://investor.directv.com.
 
Participants in Solicitation
 
AT&T and its directors and executive officers, and DIRECTV and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from the holders of DIRECTV common stock in respect of the proposed merger. Information about the directors and executive officers of AT&T is set forth in the proxy statement for AT&T’s 2014 Annual Meeting of Stockholders, which was filed with the SEC on March 11, 2014. Information about the directors and executive officers of DIRECTV is set forth in the proxy statement for DIRECTV’s 2014 Annual Meeting of Stockholders, which was filed with the SEC on March 20, 2014. Investors may obtain additional information regarding the interest of such participants by reading the proxy statement/prospectus regarding the proposed merger.