DirecTV has decided to terminate its acquisition of Dish Network Corp, as it was unable to obtain the necessary consent from bondholders for a debt exchange. This effectively ends plans to create the largest pay-TV service in the United States.
DirecTV had previously stated that if an agreement on the debt was not reached by midnight Friday, the deal would be called off. As of late Thursday, Dish Network had not engaged in new discussions with bondholders to salvage the agreement, according to sources familiar with the situation.