DirecTV's planned $1 acquisition of Dish Network was terminated following bondholders' rejection of a crucial debt swap, seen as vital for both companies' survival.
The failed merger was integral to the future of both companies, as both have seen their subscriber base dwindling by nearly half since 2013.
This marks the second failure of a DirecTV-Dish merger, with the first attempt blocked in 2002 over competition concerns that would likely have been irrelevant today.
If the merger had succeeded, it would have created the largest pay-TV company in the U.S., with around 20 million total subscribers.
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