DirecTV's withdrawal appears to mark the end of its years-long pursuit to acquire both Dish and Sling, following its initial bid in September.
DirecTV announced this week that it is cancelling its merger with Dish due to concerns over a debt swap by bond holders.The agreement hinged on Dish bondholders accepting a debt swap, which would have required them to exchange their existing holdings for new debt in the restructured company—a move that would have collectively cost them approximately $1.6 billion.
The two companies nearly combined more than two decades ago, but the Federal Communications Commission blocked the $18.5 billion deal at the time, citing antitrust concerns.Merger CanceledIn a statement on Thursday, Morrow said, '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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DirecTV cancels agreement to merge with DishUS satellite TV provider DirecTV has terminated its agreement to acquire Echostar’s satellite television business, which includes rival Dish TV.
Read more »
DirecTV calls off acquisition of Colorado-based rival Dish, possibly ending years-long pursuitDirecTV was looking to acquire Dish TV and Sling TV from its owner, Englewood-based EchoStar, in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8…
Read more »
DirecTV Abandons Deal to Acquire Dish Amid Bondholder OppositionThe mega-transaction would have created the largest U.S. TV provider.
Read more »
DirecTV calling off Dish Network takeover after bondholders balkA group of Dish bondholders rejected an improved offer put forward by DirecTV at the end of October.
Read more »
DirecTV may pull the plug on purchase of Colorado-based Dish NetworkThe deal could collapse unless bondholders are brought on board within the next week.
Read more »
DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuitDirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
Read more »