DirecTV Abandons Dish Acquisition After Bondholders Reject Proposal

DirecTV has terminated its deal with EchoStar to acquire Dish DBS following bondholders’ opposition to the debt-exchange proposal. The merger would have created the largest U.S. pay-TV provider, with DirecTV assuming EchoStar’s debt. “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,” said DirecTV CEO Bill Morrow ...