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EchoStar Shares Fall With Dish-DirecTV Merger Prospects Dim
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DirecTV notified EchoStar Corp. of its intention to terminate an acquisition of Dish Network Corp. after bondholders failed to consent to a key debt exchange, all but killing a deal to create the largest US pay-TV service.
DirecTV, which warned earlier this month it would terminate the deal by 11:59 p.m. Friday without an agreement on the debt, said it has given EchoStar formal notice. Dish hadn’t initiated fresh discussions with bondholders to try and salvage the deal as of late Thursday evening, a person familiar with the matter said.