The proposed deal, initially announced in September, was seen as a strategic consolidation in a shrinking pay-TV market.

DirecTV said it will abandon a plan to buy its satellite television rival after some bondholders refused to accept a steep discount on Dish parent EchoStar’s debt.

DirecTV added that the termination of its Dish acquisition doesn't impact AT&T's sale of its remaining stake in DirecTV to private equity company TPG for $7.6 billion. That particular deal will see TPG acquire AT&T's 70 percent stake in DirecTV. DirecTV expects the deal to close in the second half of 2025.

Satellite TV provider DirecTV is acquiring their longtime rival—Dish Network—in a deal valued at nearly $10 billion.

The deal, which would have created one of the largest pay-TV providers in the United States, fell apart after strong objections from Dish’s lenders.

DirecTV notified EchoStar Corp. of its intention to terminate an acquisition of Dish Network Corp. after bondholders failed to consent to a key debt exchange, all but killing a deal to create the largest US pay-TV service.

After months of negotiations, DIRECTV announced that it has terminated its deal to acquire DISH DBS, the parent company of DISH, and its streaming service, Sling TV, in a multi-billion dollar debt-saving deal.