DISH DBS Ends Following Rejection of EchoStar Debt Exchange Offer Terms by Bondholders
DIRECTV continues to execute on strategy to deliver the future of pay TV to consumers
El Segundo, California, November 21, 2024 /PRNewswire/ — DIRECTV (the “Company”) announced today that it has notified EchoStar to terminate the election. Friday 11:59pm ETOn November 22, 2024, we entered into an equity purchase agreement (EPA) under which we agreed to acquire DISH DBS (“DISH”), EchoStar’s video distribution business. The termination of this Agreement is due to DISH DBS shareholders’ failure to consent to the terms of the proposed exchange debt offer issued by EchoStar, which was a condition of DIRECTV’s obligation to acquire DISH under the EPA.
“While we believed the combination of DIRECTV and DISH would benefit all stakeholders, the proposed exchange terms were necessary to protect DIRECTV’s balance sheet and our operational flexibility, so we made the transaction.” “We have finished it,” he said. bill morrowRepresentative director of DIRECTV. “DIRECTV advances our mission of aggregating, curating and delivering content tailored to our customers’ interests by pursuing innovative products and providing our customers with additional choice, flexibility and control. We are well positioned for the future with our strong balance sheet and support from our long-term partner, TPG. ”
DIRECTV continues to invest in its next-generation streaming platform, integrating live TV content with direct-to-consumer services while revolutionizing the industry through new packaging options.
The closing of the DISH acquisition will not affect TPG’s acquisition of the remaining 70% of DIRECTV stock from AT&T, which is expected to close in the second half of 2025.
About DIRECTV
A leader in sports and entertainment for 30 years, DIRECTV delivers industry-leading content and a great user experience with and without satellite. By reimagining what’s possible, DIRECTV’s mission is to aggregate, curate and deliver superior and innovative services tailored to our customers’ interests. In 2023, DIRECTV improved the customer experience by offering Gemini, which allows customers to integrate their content from third-party streaming services into a single, one-stop digital experience. With DIRECTV, the sports season never ends and customers can watch broadcasts of several major sports, including the NFL, MLB, NBA, NHL, and multiple national and international soccer leagues. DIRECTV allows customers to watch sports, movies and TV shows on their home TV or on their favorite mobile device through the DIRECTV app.
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