Satellite TV giant DirecTV said it was abandoning a deal with Charlie Ergen’s EchoStar to acquire video distribution business Dish DBS, including Dish TV and Sling TV, due to opposition from bondholders to a debt exchange.
Under the complex landmark deal, which would have created the largest U.S. pay-TV distributor with more than 19 million subscribers, DirecTV was set to pay EchoStar $1, plus the assumption of debt.
“While we believed a combination of DirecTV and Dish would have benefitted all stakeholders, we have terminated the transaction because the proposed Exchange Terms were necessary to protect DirecTV’s balance sheet and our operational flexibility,” said DirecTV CEO Bill Morrow in a statement. “DirecTV will advance our mission to aggregate, curate and distribute content tailored to customers’ interests by pursuing innovative products and providing customers with additional choice, flexibility and control. We are well positioned for the future with a strong
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