Despite reports that Bell giant SBC [NYSE: SBC] is in discussions to buy satellite TV operator DirecTV Inc., Lehman Brothers analysts think a deal is unlikely.

Blake Bath, a Lehman Brothers telecommunications analyst, believes “strongly” that a merger will not take place. Bath said that SBC has far more important strategic priorities than launching a national satellite TV service. The priorities include bolstering its wireless communications position and competing with the cable TV industry on high-speed Internet access. Fellow analyst William Kidd added that a partnership between News Corp. [NYSE: NWS] and Liberty Media [NYSE: L]remains the frontrunner to acquire DirecTV.

In related news, DirecTVannounced plans to privately offer up to $1.4 billion of senior notes due 2013. DirecTV also intends to arrange $1.55 billion of new senior secured credit facilities. The senior notes offering and the new credit facilities are expected to close by early March 2003.