DIRECTV terminates agreement to acquire EchoStar's DISH

DIRECTV Announces Termination of Agreement to Acquire EchoStar’s Video Distribution Business

EL SEGUNDO, Calif. — DIRECTV (the “Company”) today announced that it has notified EchoStar of its election to terminate, effective as of 11:59 p.m., ET on Friday, November 22nd, 2024, the Equity Purchase Agreement (EPA) pursuant to which it had agreed to acquire EchoStar’s video distribution business, DISH DBS (“DISH”). The termination of the Agreement follows DISH DBS noteholders’ failure to agree to the proposed Exchange Debt Offer Terms issued by EchoStar, which was a condition of DIRECTV’s obligations to acquire DISH under the EPA.

“While we believed a combination of DIRECTV and DISH would have benefitted all stakeholders, we have terminated the transaction because the proposed Exchange Terms were necessary to protect DIRECTV’s balance sheet and our operational flexibility,” said Bill Morrow, CEO of DIRECTV. “DIRECTV will advance our mission to aggregate, curate, and distribute content tailored to customers’ interests by pursuing innovative products and providing customers with additional choice, flexibility, and control. We are well positioned for the future with a strong balance sheet and support from our long-term partner TPG.”

DIRECTV will continue to invest in next-generation streaming platforms and revolutionize the industry through new packaging options while integrating content from live TV alongside direct-to-consumer services.

The termination of the DISH acquisition does not affect TPG’s acquisition of the remaining 70% stake in DIRECTV from AT&T, which is expected to close in the second half of 2025.