DirecTV has officially terminated its agreement to acquire Dish Network and Sling TV from Echostar, citing failed bond exchange negotiations with Dish’s creditors.

Echostar’s offer to reduce Dish’s $9.75 billion debt by $70 million was rejected, leading DirecTV to withdraw to protect its financial stability.

CEO Bill Morrow emphasized DirecTV’s focus on innovation and flexibility, supported by TPG Capital, which owns a stake in DirecTV.

The decision doesn’t affect TPG’s acquisition of AT&T’s 70% stake in DirecTV, The Desk has reported.

DirecTV plans to invest in next-gen streaming platforms and expand its content offerings through services like DirecTV Stream and U-Verse.

Written by B.C. Begley