DirecTV will buy rival Dish to create massive pay-TV company after yearslong pursuitBy WYATTE GRANTHAM-PHILIPS and MICHELLE CHAPMANAP Business WriterThe Associated Pressis buying Dish and Sling as the company, a deal it has sought to complete for years, as seeks to better compete against streaming services that have become dominant.
DirecTV said Monday that it will acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that includes a payment of $1, plus an assumption of debt.popping up over the years. And the two almost merged more than two decades ago — but the Federal Communications CommissionThe pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming giants, demand for more traditional satellite continues to shrink.
The current deal could provide a key lifeline for EchoStar. The Colorado-based telecommunications company has reportedly faced the prospect of bankruptcy as it continues to burn through cash and see losses pile up., EchoStar disclosed that it had just $521 million in “cash on hand.” And the company forecast negative cash flows for the remainder of the year — while also pointing to major looming debt payments, with more than $1.98 billion of debt set to mature in November.
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