DirecTV Abandons Dish Acquisition Amid Debt Dispute

DirecTV's decision follows Dish bondholders' rejection of a crucial debt exchange offer, jeopardizing the planned merger.

DirecTV planned to acquire Dish for $1 and assume $9.75 billion in debt, contingent on a successful debt exchange.
Dish bondholders rejected DirecTV's revised offer, which aimed to reduce bond losses by $70 million.
EchoStar, Dish's parent company, reported disappointing third-quarter earnings, causing a 13% drop in its stock price.
The merger was seen as a strategic move in response to the declining pay-TV market and growing competition from streaming services.
DirecTV, soon to be fully owned by TPG, will not offer further concessions, leaving Dish in a challenging financial position.