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AT&T may buy EchoStar satellite TV provider

AT&T Inc., the biggest U.S. phone company, may buy satellite-television provider EchoStar Communications Corp. for $29.1 billion to take on cable companies, Citi Investment Research said.

EchoStar may fetch as much as $65 a share, analyst Jason Bazinet said in a report today., which reported last month that AT&T might bid for EchoStar, said today the phone company hired Goldman Sachs Group Inc. to examine a purchase.

Bazinet said there's a 65 percent chance AT&T will buy EchoStar in the next year, getting the Dish pay-TV service and 13.6 million subscribers.