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| DirecTV announced Monday it’s buying rival Dish Network, ending multiple decades of on-and-off talks about the satellite services merging. The companies have struggled to retain subscribers in the streaming era. As platforms like Netflix, Hulu and Amazon’s Prime Video have gained traction, peeling millions of subscribers away from pay TV with lower price tags and on-demand content, DirecTV and Dish have found it increasingly difficult to justify rising subscription costs, worsening already dramatic cord-cutting. The companies said 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.” Under the deal, DirecTV will pay Dish’s owner, EchoStar, just $1 for Dish in exchange for assuming its billions of dollars in debt. Private equity firm TPG, meanwhile, will acquire AT&T’s remaining 70% stake in DirecTV. The move comes nine years after AT&T purchased the company in 2015 only to sell a 30% stake to TPG in 2021, a DirecTV spokesperson told CNN. The deal still hinges on Dish bondholders agreeing on net debt lower than $1.56 billion, which a DirecTV spokesperson said the company will look to secure in the coming weeks. Bondholders can accept a lower percentage, take a slightly higher percentage today, or wait it out, which risks Dish ending up in bankruptcy. Dish shared an exchange offering in a press release on Monday. |
Half of that plan ended up sort of making sense.
Not really. Private equity firm TPG will own the combined company. They will sell off the assets of the company for cash until there’s nothing of value left and then let it go bankrupt. With scraps left for the debt holders.
Sure. But from the buyer’s perspective (TPG) it’s free. It doesn’t cost them any money out of their pockets. The debt all goes on DirecTV’s books, but they don’t care: they’re never paying it back. They’ll extract fees from the company over the next few years, sell off assets with value and pocket the cash. And leave behind the empty husk for the debt holders to pick over.
Thats when I dumped them, and started saving $150 per month
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Price.
Sure. But from the buyer’s perspective (TPG) it’s free. It doesn’t cost them any money out of their pockets. The debt all goes on DirecTV’s books, but they don’t care: they’re never paying it back. They’ll extract fees from the company over the next few years, sell off assets with value and pocket the cash. And leave behind the empty husk for the debt holders to pick over.
It's incredible that this strategy is even legal.
American capitalism is totally fucked up.
At this point the Direct TV/Dish technology is outdated but it was great while it lasted.
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billions. The debt assumption counts too, ya know.
Not really. Private equity firm TPG will own the combined company. They will sell off the assets of the company for cash until there’s nothing of value left and then let it go bankrupt. With scraps left for the debt holders.
You forgot the part where the PE firm loads up its own fees before declaring bankruptcy.
Then, the dish service is the only option in many parts of rural America where high speed internet and/or cable aren’t available.
Sure, subscribers have dropped over the years but the company isn’t just tied to an antiquated satellite model. Their stream product is fantastic.
I doubt it. A lot has changed in 20 years. Streaming is a real alternative for virtually everyone at this point.
Nothing else compares