DirecTV said Thursday night it has scrapped its acquisition of Dish Network, after decades of failed attempts at mergers by the two satellite rivals.

DirecTV said that it has notified Dish owner EchoStar (SATS) i🌳t plans to cancel the deal at 11:59 p.m. ET Friday, after bondholders in Dish and sub🔜sidiary DBS pushed back.

According to The Wall Street Journal, bondholders representing around $10.7 billion of debt in Dish and DBS balked at a deal that "would have forced them to take a roughly $1.5 billion haircut on their holdings in exchange for more secure debt in the soon-to-be-merged satellite-TV company."

In September, EchoStar said that it would sell its video distribution operations, including Dish and streaming service Sling TV, to DirecTV for a nominal $1 as it moved to alleviate billions of dollars of debt. DirecTV would also assume about $9.75 billion in debt.

TPG's Deal To Buy Remaining 70% of DirecTV From AT&T Still on Track

"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," DirecTV 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Bill Morrow said.

Morrow added that DirecTV is "well positioned for the future with a strong balance sheet and support from our long-term partner TPG."

DirecTV said the termination of the deal won't affect TPG's (TPG) acquisition of the 澳洲幸运5官方开奖结果体彩网:private-equity firm's remaining 70% stake in the satellite provider from telecommunications giant AT&T (T). That deal, where AT&T would sell its DirecTV stake for around $7.6 billion spread over the next few several years, stil🔴l is expected to close in the second half of 2025. 

EchoStar🐟 shares are up more than 2% in premarket trading, while those of AT&T are little changed.