AT&T is in discussions to buy DirecTV for about $50 billion to expand its video offerings and avoid being left out in consolidation hitting the pay-TV industry.

The price being discussed by the companies is in the "low-to-mid $90s" per DirecTV share, but an announcement could still be "weeks away," according to a person familiar with the talks. The person was not authorized to discuss the talks and would not be identified.

Read more: AT&T in talks to buy DirecTV for about $50 billion

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