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Stock impact report

DirecTV scrapping DISH merger [FOX Business Network]

EchoStar Corporation - Common stock (SATS) 
Last echostar corporation - common stock earnings: 2/20 06:00 am Check Earnings Report
US:NASDAQ Investor Relations: ir.echostar.com/investors
DirecTV says it is walking away from its planned acquisition of EchoStar's video distribution service, DISH DBS, after Dish bondholders rejected a debt exchange offer from the satellite TV provider. "A successful exchange was a condition for acquiring the DISH video business," a DirecTV spokesperson said in a statement to FOX Business on Wednesday. "Given the outcome of the EchoStar exchange, DIRECTV will have no choice but to terminate the acquisition of DISH by midnight on November 22." DirecTV announced in September it would pay $1 for DISH DBS, which means it would own DISH TV and Sling TV, and agreed to assume $9.75 billion of Dish's debt in the deal. However, a group of DISH bondholders on Monday rejected the proposed debt-exchange offer from DirecTV that was contingent upon them accepting a "haircut" of $1.5 billion. DISH did not immediately respond to FOX Business' request for comment on the situation. The proposed merger was seen as a strategic consolidation in a s Show less Read more
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