Satellite TV provider DirecTV is walking away from its planned acquisition of EchoStar's video distribution service, Dish DBS, after Dish bondholders rejected a debt exchange.
In a highly anticipated announcement, earlier this week DirecTV announced they were acquiring Echostar's Video Distribution business including Dish TV and Sling TV. Although no financial terms were disclosed, there have been reports DirecTV acquired Dish/Sling for $1.00 and assumed Echostar's $9.75 billion debt.
AT&T will sell to private equity firm TPG its remaining 70% stake in DirecTV, which will merge with rival Dish Network.
Per a Bloomberg report, SATS' subsidiary DISH TV is reportedly in talks for a potential merger with AT&T's DirecTV.