An anonymous reader quotes a report from Ars Technica: DirecTV is pulling out of an agreement to buy its satellite rival Dish after bondholders objected to terms of the deal. DirecTV issued an announcement last night saying "it has notified EchoStar of its election to terminate, effective as of 11:5...

DirecTV on Thursday announced that it was nixing the agreement with EchoStar to buy Dish Network.

Nov. 22 (UPI) -- DIRECTV terminated its effort to buy the DISH satellite TV provider effective Friday.

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

EL SEGUNDO, CA - DirecTV terminated its planned acquisition of rival Dish Network on Thursday night following bondholders' rejection of a debt swap that the deal depended upon. A merger between the two struggling satellite TV providers was seen as essential to the survival of both. DirecTV informed Dish on Thursday night that it was terminating the deal, an individual familiar with the situation told Axios. "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," said Bill Morrow, CEO of DIRECTV. "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." A…