Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news and analysis.

Good afternoon, today is Monday, September 30th, and I'm'm your host Kim Kahn. Our top story so far

TPG owned Direct TV is set to acquire Echo Star's video distribution business

including Dish TV and Sling TV in exchange for a nominal consideration of

$1 plus the assumption of DISH, DBS, net debt.

The transaction is expected to alleviate a material portion of Echo Star's financial constraints,

free up operational and financial resources

that Echo Star can dedicate to its target

of deploying a nationwide facilities-based wireless service

to compete with dominant incumbent wireless carriers.

Direct TV expects to have a leveraged position of just over two times, and plans to reduce that to under two within 12 months,

consistent with its stated one and a half to two times financial policy on a

pro forma basis. Earlier in the day AT&T agreed to sell its remaining 70% stake

in direct TV to private equity partner TPG which holds minority interest, for around 7.6 billion dollars in cash payments through

2029.

Direct TV estimates that the combination with DISH to generate cost synergies of at least 1 billion per annum.

DISH network will also benefit from the releases of a substantial amount of intercompany receivables,

including Spectrum, but will have contractually limited access to the cash flow generated by its business

between signing and closing. In today's trading, attention was focused on China's stock market

which saw its best day in 2008. The SSC composite index jumped a little more than 8%,

its ninth straight day of gains as the market starts its week-long holiday from October 1st.

Out of the 2,230 stocks in the Shanghai composite, there were no

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