DirecTV officially calls off merger with Dish Network
DirecTV says it will officially terminate its agreement to acquire Dish Network and Sling TV on Friday.
On September 30, 2024, satellite and streaming pay TV provider DirecTV announced a plan to acquire Echostar‘s Dish Video business, including Dish Network and Sling TV. The deal is subject to certain closing conditions, including regulatory approval.
In November 2024, Dish’s creditors rejected a debt swap offer that was critical to the merger. Later that month, DirecTV terminated the deal.
DirecTV says it will officially terminate its agreement to acquire Dish Network and Sling TV on Friday.
DirecTV says it will walk away from its merger agreement with Dish Network on November 22 if the company remains unable to reach a specific agreement with some of its creditors.
Echostar’s pay television business — which is in the process of being acquired by DirecTV — ended the quarter with 8.03 million TV customers.
A group of creditors associated with Echostar’s pay television service Dish Network have rejected a bond exchange offer from the company.
The company expects to see an influx of cash to the tune of nearly $8 billion from the sale of its 70 percent stake in the pay TV business.
The purchase includes the flagship satellite service Dish Network and streaming product Sling TV.