AT&T’s long-awaited purchase of El Segundo satellite TV provider DirecTV closed Friday, the same day the Federal Communications Commission announced its approval of the mega merger.

The FCC’s approval was the last regulatory hurdle for the $48.5 billion deal, which will create the largest provider of cable or satellite TV in the U.S., serving more than 26 million subscribers.

Along with creating a telecom giant, the deal also further diminish L.A.’s list of public companies, with DirecTV being absorbed by Dallas-based AT&T. With a market cap of $47 billion on its final day of trading, DirecTV was the third largest local public company, behind only Walt Disney Co. and Amgen Inc.

DireTV shares closed Friday at $93.55. Shareholders received $28.50 in cash, plus 1.9 shares of AT&T stock, for each DirecTV share, according to a statement from the companies.

The FCC’s green light was more than a year in the making and came with a number of conditions, including requirements that the combined company make low-price standalone Internet service available to low-income residents and expand its fiber-optic broadband service to an additional 12.5 million customers.

The FCC said an independent compliance officer will monitor how the firm abides by these conditions.

The Justice Department had already given its approval to deal, which allows AT&T to improve its competitiveness against Comcast and Time Warner Cable. A deal between those two firms was nixed by regulators earlier this year.

AT&T and DirecTV announced the deal in May last year and said at the time that they expected the deal to close within one year.