DirecTV announced that it is terminating the $1 acquisition of rival satellite TV operator Dish after the latter’s debt holders of parent EchoStar refused to lower the value of their $1.98 billion in outstanding bonds.
The termination, effective at 11:59 p.m. ET today, follows Dish noteholders’ failure to agree to slash a reported $1.5 billion from the outstanding debt, which was a condition of DirecTV’s contractual obligations to acquire Dish.