The deal, which is subject to regulatory approval, would create one of the largest pay-TV distributors in the U.S. The companies were blocked in an attempt to merge in 2002.

DirecTV said on Monday that it had reached an agreement to acquire Dish Network, a deal that would create a satellite TV giant with millions of customers and potentially provide a financial lifeline for Dish, which is struggling with billions of dollars in debt.

The deal is a life raft for Dish, a fading purveyor of traditional television whose fortunes have waned along with the pay-TV industry. The company has roughly $2 billion in debt coming due in November, and about $500 million in available cash, putting the company at risk for bankruptcy. In August, Dish told investors it would need additional capital, “which may not be available on favorable terms” to fund its obligations.

The deal, which is subject to regulatory approval,

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