Dish Network announces that it has ended its acquisition of DirecTV.

• The acquisition of Dish assets by DirecTV is unlikely to happen after bondholders rejected a revised offer.
• If Dish Chairman Charlie Ergen were to join the negotiations, there is a possibility that the deal could be saved. However, at this time, it seems unlikely that he will participate.
• Dish's pay TV business was offered to be acquired by DirecTV for a nominal $1, along with the assumption of approximately $10 billion in debt.

A DirecTV spokesperson stated that the company is abandoning its acquisition of assets after a group of bondholders rejected the proposed debt offer's terms.

"The acquisition of Dish by DirecTV will be terminated by midnight on Nov. 22 due to the outcome of the EchoStar exchange, as stated by the spokesperson in an email on Tuesday."

According to sources, DirecTV is not willing to make any more concessions in the ongoing negotiations with Dish Network. However, if Dish Chairman and co-founder Charlie Ergen were to participate in the talks, progress could be made, although it is currently unclear whether this will happen.

The private equity firm that will soon own DirecTV would have assumed approximately $10 billion worth of Dish debt and paid a nominal $1 to acquire Dish DBS, which includes both Dish and Sling TV. However, the initial deal was challenged by a group of bondholders. As a result, DirecTV made a revised offer that valued Dish bonds at slightly more than 70 cents on the dollar.

Bloomberg was first to report on DirecTV's plans.

Earlier this week, the sizable portion of Dish's creditor base, consisting of bondholders, rejected the renewed offer.

The likely collapse of the deal would put Dish in a challenging financial position. Pay TV has been experiencing a prolonged and rapid decline, and Dish's parent company reported disappointing earnings on Tuesday, causing shares to plummet by nearly 13%.

Neither EchoStar nor TPG responded promptly to requests for comment.

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