As expected, DirecTV has formally walked away from the deal that would have merged the company with rival satellite cable provider Dish Network.
“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,” Bill Morrow, CEO of DirecTV said in a statement.
“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,” the statement continued.