DirecTV calls off acquisition of rival Dish, possibly ending a yearslong pursuit

AP Business Writer

DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company. The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively. The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September. The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.