In news that has been bandied about for at least a couple of weeks, Dow component AT&T (NYSE: T) is preparing to make an offer for satellite television provider DirecTV (NasdaqGS: DTV), according to media reports that hit the wires Monday evening.

AT&T will reportedly offer $100 a share for DirecTV, an almost 15% to premium to where the latter’s shares closed Monday, valuing California-based DirecTV at about $50 billion.

Although DirecTV closed with a $44.5 billion market value on Monday, it is a top-10 holding in just five exchange traded funds, according to S&P Capital IQ data.

Several of those are equal weight products, so the one ETF that is legitimately in the spotlight on this news is the $171.8 million PowerShares Dynamic Media Portfolio (NYSEArca: PBS). DirecTV is that ETF’s largest holding with a weight of 6.34%, 58 basis points more than PBS allocates to the company’s chief rival, Dish Network (NasdaqGS: DISH).

Previously a high-flier, PBS has hampered this year by declines for the broader consumer discretionary sector and the repudiation of momentum stocks. Although PBS is heavy on “old guard” media stocks, the fund also features an almost 32% weight to tech stocks, which includes Facebook (NasdaqGS: FB) residing among its top-10 holdings. Netflix (NasdaqGS: NFLX), shares of which are down 18% in the past three months, is another top-10 holding in PBS. [Netflix Gets Bigger in ETFs]

PBS is one of just four ETFs to feature Netflix among its top-10 holdings, according to S&P Capital IQ.