AT&T Gets Major Exit Cue As DirecTV Clinches Dish Deal
AT&T Gets Major Exit Cue As DirecTV Clinches Dish Deal
For the merger to proceed, Dish DBS debtholders must agree to a $1.57 billion reduction in debt. DirecTV has finalized a deal to merge with Dish Network, marking a significant shift in the pay-TV landscape. This would allow AT&T Inc. (NYSE:T) to walk out of DirecTV.
DirecTV已經完成了與Dish Network的合併交易，這標誌着付費電視行業格局的重大轉變。這將使AT&t公司（紐交所：T）能夠退出DirecTV。
What Happened: The merger concludes decades of intermittent discussions, creating a combined entity with 20 million subscribers. This move comes as both companies face declining market shares due to competition from streaming services like Netflix and Amazon Prime Video. According to CNBC, the agreement was reached on Monday.
發生了什麼：這次合併結束了數十年來斷斷續續的討論，創造了一個擁有2000萬訂閱用戶的合併實體。這一舉動發生在兩家公司面臨市場份額下降的背景下，原因是來自奈飛和亞馬遜Prime Video等流媒體服務的競爭。據CNBC報道，協議於週一達成。
DirecTV CEO Bill Morrow stated that the merger will enable the new entity to negotiate better programming packages and offer an enhanced viewer experience. The deal involves DirecTV acquiring Dish DBS, which includes Dish and Sling TV, for $1 and assuming $9.75 billion of Dish's debt.
DirecTV CEO比爾·莫羅表示，合併將使新實體能夠更好地協商節目包，並提供更加出色的觀看體驗。交易涉及DirecTV收購Dish DBS，其中包括Dish和Sling TV，以1美元的價格並承擔97.5億美元的Dish債務。
For the merger to proceed, Dish DBS debtholders must agree to a $1.57 billion reduction in debt. EchoStar, co-founded by Charlie Ergen, will receive $2.5 billion in financing from TPG's credit unit Angelo Gordon and DirecTV to help pay off Dish's $2 billion bond due in November.
爲了推進合併，Dish DBS的債權人必須同意減少157億美元的債務。由查理·厄根共同創立的回聲星通信將從TPG的信貸部門Angelo Gordon和DirecTV獲得25億美元融資，以幫助支付Dish於11月到期的20億美元債券。
AT&T is selling its 70% stake in DirecTV to TPG for $7.6 billion, marking its exit from the pay-TV business. AT&T had previously signed a joint venture with TPG in 2021, valuing DirecTV at about $16 billion.
AT&t將其在DirecTV的70%股權以76億美元的價格出售給TPG，標誌着其退出付費電視業務。AT&t此前曾在2021年與TPG簽署聯合創業，將DirecTV的估值定爲約160億美元。
The merger is expected to close in the fourth quarter of 2025, pending regulatory approvals. Investment banks PJT Partners, Barclays, JPMorgan, Bank of America, Evercore, LionTree, and Morgan Stanley advised on the deal.
該合併預計將於2025年第四季度完成，待監管機構批准。投行pjt partners、巴克萊銀行、摩根大通、美國銀行、evercore、LionTree和摩根士丹利爲該交易提供建議。
Why It Matters: The merger between DirecTV and Dish Network has been a long time coming, with talks reportedly in advanced stages as of late September. The combined entity is set to become the largest pay-TV provider in the U.S., boasting around 20 million subscribers. This move is crucial as both companies have been struggling to retain customers who are increasingly shifting to more affordable and flexible streaming services like Netflix and Amazon Prime Video.
爲什麼重要：DirecTV和Dish Network之間的合併已經迫在眉睫，據報道，討論最近已經進入了進入了高級階段，這將使合併實體成爲美國最大的付費電視提供商，擁有約2000萬訂閱用戶。由於客戶越來越傾向於更爲經濟實惠和靈活的流媒體服務，這一舉動至關重要。
Additionally, AT&T has been focusing on its core business areas. Earlier in September, AT&T CEO John Stankey highlighted the company's strong performance in the Mobility business and the promising growth in fiber penetration rates. This merger allows AT&T to divest its 70% stake in DirecTV, aligning with its strategy to streamline operations and focus on more profitable segments like wireless and fiber services.
此外，AT&t一直專注於其核心業務領域。早在9月份，AT&t CEO約翰·斯坦基強調了公司在移動業務上的強勁表現以及光纖滲透率的增長前景。這次合併使AT&t能夠剝離其在DirecTV的70%股權，與其簡化業務運營並專注於無線和光纖服務等更具盈利性的業務領域的戰略一致。
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Image via DirecTV
通過DirecTV獲取的圖像
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
本報道使用Benzinga Neuro生成，並由Pooja Rajkumari編輯
譯文內容由第三人軟體翻譯。
