DirecTV has dropped its plans to acquire Dish, the company announced Thursday. The deal would’ve created a TV service megamerger, but it fell through after Dish bondholders rejected the takeover. In September, DirecTV reached an agreement to acquire Dish, Sling TV, and EchoStar’s TV business for just one dollar, while also taking on Dish’s $9.75 billion in 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,” DirecTV CEO Bill Morrow said in the press release. This isn’t the first time a deal between DirecTV and Dish has soured. The Federal Communications Commission blocked a merger between both companies in 2002.
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