As we reported earlier, Dish and Direct TV announced a merger. However, today we learned the merger is off.
DirecTV has walked away from the merger which included Dish’s satellite service and Sling TV streaming platform. This decision came after Dish bondholders rejected a proposed debt exchange that was key to the deal.
In a statement, DirecTV CEO Bill Morrow explained,
“While we believed a merger between DirecTV and Dish would have benefitted all stakeholders, we have ended the transaction because the proposed Exchange Terms were necessary to protect DirecTV’s financial stability and operational flexibility. We’ll continue our mission to offer curated content, providing customers with more choice, flexibility, and control.”
DirecTV confirmed it will proceed with investments in new streaming platforms and develop packages that combine live TV with direct-to-consumer options.
NWIDA has confirmed that the financing deal of $2.5B is NOT tied to the merger, and therefore Dish will be able to continue the buildout of their 5G wireless network.
DirecTV had set a termination deadline of November 22 if the debt exchange—a critical condition of the merger—wasn’t completed.
The initial deal, set two months ago, DirecTV agreed to acquire EchoStar’s pay-TV business for $1 plus the assumption of $9.75 billion in debt.
The company also has an additional $5.6 billion in spectrum-backed funding.
“These funds are unaffected by the DIRECTV transaction,”
stated EchoStar spokesperson Ted Wietecha last week.
The separate transaction in which TPG will acquire AT&T’s 70% stake in DirecTV, taking full ownership, is still on track. TPG and AT&T expect to finalize this deal in the second half of 2025.
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