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Bond Market News
Dish Network and DirectTV Close In on Merger Agreement
September 27, 2024
Dish Network and DirecTV are in advanced discussions to merge, according to the sources. This will potentially create the largest pay-TV provider in the US with nearly 20mn subscribers. An announcement could come soon, with DirecTV expected to lead the new entity, which will be privately held. DirecTV, owned by AT&T and TPG, has about 11mn customers, while Dish, part of EchoStar, has around 8mn. While there are ongoing negotiations about the merger’s structure, antitrust concerns from past discussions may be alleviated by the industry’s shift toward streaming. The pay-TV sector is facing significant subscriber losses, dropping from 104mn in 2015 to under 70mn now, as services like Netflix gain popularity, according to Bloomberg.
Its 5.25% 2026s traded stable at 89.75, yielding 10.66%.
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