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Will Dish Network's credit rating be downgraded by March 31, 2025?
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DirecTV Cancels $9.75B Dish Merger After Bondholders Reject $1.6B Debt Swap
Nov 22, 2024, 08:54 AM
DirecTV has terminated its planned acquisition of rival satellite TV provider Dish Network after Dish's bondholders rejected a proposed $1.6 billion debt exchange offer required to close the deal. The merger, which valued Dish at $1 plus the assumption of $9.75 billion in debt, would have created the largest U.S. pay-TV provider with approximately 18 million subscribers. Bondholders' opposition to the $1.6 billion debt swap led DirecTV to end the agreement, citing the need to protect its own interests. This marks the second time a merger between DirecTV and Dish, led by chairman Charlie Ergen, has failed, with a previous attempt being blocked by the FCC over two decades ago.
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