Another media merger has been confirmed.
Yahoo Finance’s Alexandra Canal reports:
Satellite TV provider DirecTV (T, TPG) said Monday it will buy rival Dish Network (SATS), including Dish's streaming brand Sling TV, through a debt exchange transaction. Financial terms were not disclosed.
The deal, which is still subject to regulatory approval, is set to create one of the nation's largest pay-TV providers.
"The combination of DirecTV and Dish will benefit US video consumers by creating a more robust competitive force in a video industry dominated by streaming services owned by large tech companies and programmers," the companies said in a joint statement.
Shares in EchoStar, which owns Dish Network, moved about 1% higher in premarket trading following the news. The stock had surged nearly 10% on Friday after the acquisition rumors intensified.