DirecTV and Dish Network are combining to form a pay-TV titan

• DirecTV said Monday it has agreed to acquire Dish Network from EchoStar.
• The merger would create one of the US' largest pay-TV provider.
• In a separate deal, AT&T will sell its 70% stake in DirecTV to a private equity firm.

DirecTV announced Monday that it has agreed to acquire rival Dish Network from EchoStar, in a deal that would create one of the largest pay-TV providers in the US.

The deal is subject to regulatory approval.

Separately, US telecoms giant AT&T also said that it has agreed to sell its 70% stake in DirecTV for $7.6 billion to private equity firm TPG.

The deal, which was announced on Monday morning, will see TPG take full control of DirecTV, which Bloomberg reports has around 11 million customers.

This story is developing. Please check back for updates.