04:36 AM EST, 11/22/2024 (MT Newswires) -- EchoStar ( SATS ) subsidiary Dish TV's proposed merger with rival DirecTV has fallen apart over a failed bond-exchange offer.

DirecTV said Thursday the deal is officially being terminated, effective 11:50 pm ET this Friday.

The move follows Dish bondholders' failure to agree to a proposed debt exchange, which was a condition under the merger agreement, DirecTV said.

DirecTV CEO Bill Morrow said the debt exchange was necessary to protect the company's balance sheet and operational flexibility.

EchoStar ( SATS ) and Dish TV did not immediately respond to MTNewswires' requests for comment.