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Liberty Media Corp. CEO Greg Maffei will step down at the end of the year after nearly 20 years of significant dealmaking. Under his leadership, the company acquired and invested in notable businesses such as the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment, and Formula 1. Maffei, 64, was seen as a potential successor to John Malone, the 83-year-old chairman and a pioneer in the cable-TV industry.
DirecTV has abandoned its acquisition of Dish Network assets after bondholders rejected a proposed debt offer, which was a condition for the deal. The termination, effective by midnight on Nov. 22, leaves Dish in a precarious financial situation amid a declining pay TV market. Dish's parent company, EchoStar, recently reported disappointing earnings, causing a significant drop in its stock price.
DirecTV plans to terminate its acquisition of Dish Network Corp. within 10 days unless bondholders agree to a debt exchange. A spokesperson stated that a successful exchange was a prerequisite for the acquisition, and without it, the deal will be called off by midnight on Nov. 22.
Dish Network Corp.'s bond-exchange offer has been rejected by creditors just before a crucial deadline, jeopardizing its acquisition of DirecTV. The steering committee of Dish lenders criticized the deal as detrimental to creditors, urging bondholders to adhere to a cooperation pact.
Dish Network Corp. creditors are poised to reject the company's latest bond-exchange offer, which is crucial for its proposed acquisition by DirecTV. Investors on a steering committee find the revised offer, which reduces minimum losses on $8.9 billion of bonds by $70 million to $1.5 billion, unworkable.
A financing arrangement led by TPG Angelo Gordon is complicating the proposed merger between Dish Network and DirecTV. Dish's agreement to merge involves AT&T transferring its majority stake in DirecTV to TPG, while TPG's credit arm is set to provide a loan to cover $2 billion in unsecured Dish notes due soon, regardless of the deal's outcome.
Dish Network's creditors have labeled DirecTV's current merger proposal as "unworkable," citing a nearly $1.6 billion loss. DirecTV rejected a counteroffer from bondholders holding about $8.9 billion in Dish notes, which aimed to modify a debt exchange essential for the merger. The options for DirecTV now include further negotiations, closing the acquisition with a premium, or facing ongoing litigation.
EchoStar is set to expand its satellite and mobile broadband services after selling Dish and Sling TV to DirecTV for $1, along with transferring $10 billion in debt. The restructuring aims to focus on direct-to-device satellite services, with plans to raise $5.5 billion in new capital, while analysts predict a challenging environment for its wireless business and ongoing declines in satellite pay-TV subscriptions.
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