DirecTV terminates Dish deal over failed debt swap [USA TODAY]
EchoStar Corporation - Common stock (SATS)
Last echostar corporation - common stock earnings: 2/20 06:00 am
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Source: USA TODAY
The deal would have created one of the nation's largest pay TV distributors with a combined 20 million subscribers. For the deal to go through, Dish bondholders had to agree to exchange their debt for new debt in the merged entity at a discounted rate, taking a "haircut" of about $1.57 billion on the debt. As part of the transaction, DirecTV was to pay $1 to buy the pay-TV business called Dish DBS, including Dish and Sling TV, with the assumption of about $9.75 billion of Dish's debt. Reuters reported last week that a group representing about 85% of Dish bondholders had rejected that proposal. Satellite TV deal: DirecTV to acquire Dish Network, Sling for $1 in huge pay-TV merger "... we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," Bill Morrow, CEO of DirecTV, said. DirecTV said the deal termination would be effective Friday. Echostar did not immediately respond to
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SATS
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- 11/12/24 - Miss
SATS
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- 11/14/24 - Form S-3ASR
- SATS's page on the SEC website