DirecTV Ends $9.75B Dish Acquisition After Bondholders Reject Debt Swap

Nov 22, 2024, 05:04 AM

DirecTV has officially terminated its planned acquisition of rival satellite TV service Dish Network after Dish's bondholders rejected a proposed debt exchange offer. The deal, valued at $1 plus $9.75 billion in debt, would have combined the two companies to create the largest U.S. pay-TV provider with 18 million subscribers. Dish Network's parent company, EchoStar, failed to secure the consent of its creditors for the debt exchange, leading DirecTV to walk away from the merger. The termination was confirmed after DirecTV informed Dish of its decision, citing the need to protect its own interests. This marks the end of yet another attempted tie-up between the two satellite-TV rivals.