DirecTV has terminated its agreement to acquire EchoStar's satellite television business, including Dish TV, due to a failed debt-exchange offer. The deal, which aimed to create a major pay-TV distributor with 20 million subscribers, required Dish bondholders to accept a significant debt reduction, but 85% rejected the proposal. DirecTV's CEO stated that the termination was necessary to protect the company's balance sheet and operational flexibility.
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.
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