DirecTV clinches long-elusive deal with rival Dish

After decades of on-and-off talks, DirecTV on Monday agreed to buy rival satellite TV company Dish from parent company EchoStar.

The deal would create one of the nation’s largest pay TV distributors, with a total of 20 million subscribers.

It comes as satellite TV companies are hemorrhaging market share to competitors such as Netflix and Amazon Prime, which have benefited from changing consumer habits and the rising popularity of streaming video platforms.

DirecTV CEO Bill Morrow told Reuters the combined company plans to offer an improved viewer experience that would make it easier for subscribers to find their favorite shows – whether on traditional TV or via streaming – and manage their subscriptions from one place.

As part of the deal, DirecTV will pay $1 to buy both Dish and EchoStar’s streaming service Sling TV, as well as assume nearly $9.8 billion of Dish’s debt.

The transaction should provide a crucial lifeline for EchoStar, which was co-founded by Chairman Charlie Ergen and is currently saddled with more than $20 billion in debt.

Shares of EchoStar were down as much as 18% in Monday morning trading. Yahoo