DirecTV buys rival Dish Network for $1

DirecTV is buying rival Dish Network, ending decades of talks about the satellite services merging, reports CNN.

According to CNN: “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.”

More here.