EchoStar Stock Plunges After Dish Network Debt Holders Spurn Bond Deal Seen As Key To DirecTV Merger
EchoStar Stock Plunges After Dish Network Debt Holders Spurn Bond Deal Seen As Key To DirecTV Merger
admin 2024/11/14 00:56EchoStar stock plunged 13% Tuesday on the news that bondholders of subsidiary Dish Network rejected a proposed debt deal seen as key to sealing a merger with satellite rival DirecTV.
DirecTV was spun off from DirecTV in 2021 into a private entity 30% owned by private equity firm TPG. In today’s streaming-centric media landscape, both satellite providers are at a competitive disadvantage with cable operators because they do not offer broadband service.
Even if Washington were to bless a merger, however, bondholders appear to be reluctant to let Dish off the hook. Late Monday, Bloomberg and the Wall Street Journal both reported that Dish bondholders owed some $10 billion spurned a proposed exchange deal despite the fact that the offer had been sweetened a bit. In a letter, they accused Dish co-founder and EchoStar chairman Charlie Ergen of “brazen conduct” and have already filed a legal complaint in an effort to not be left holding the bag.
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DirecTV was spun off from DirecTV in 2021 into a private entity 30% owned by private equity firm TPG. In today’s streaming-centric media landscape, both satellite providers are at a competitive disadvantage with cable operators because they do not offer broadband service.
Even if Washington were to bless a merger, however, bondholders appear to be reluctant to let Dish off the hook. Late Monday, Bloomberg and the Wall Street Journal both reported that Dish bondholders owed some $10 billion spurned a proposed exchange deal despite the fact that the offer had been sweetened a bit. In a letter, they accused Dish co-founder and EchoStar chairman Charlie Ergen of “brazen conduct” and have already filed a legal complaint in an effort to not be left holding the bag.
➤➤➤ SEE MORE
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