DirecTV drops Dish deal over debt dispute
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 November 2024
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Friday, November 22nd. I'm Julie Morgan. The DirecTV dish deal is off. A Reddit stakeholder wants out, and Philip 66 is hit with federal charges. |
| 0:27.5 | Direct TV is terminating its proposed acquisition of Echo Star Satellite TV business, which includes DISH network after bondholders rejected a debt exchange that the deal was dependent on. |
| 0:33.3 | The acquisition required DISH's bondholders to swap their existing debt for new debt in the merged entity |
| 0:40.2 | and take a haircut of a little over $1.5 billion. |
| 0:44.3 | The termination of the deal which would have created the biggest pay TV provider in the U.S. |
| 0:49.4 | is effective as of 11.59 p.m. Eastern Time today. |
| 0:53.6 | The deal termination does not affect TPG's acquisition of AT&T's |
| 0:58.2 | 70% stake in direct TV, which is expected to close in the second half of 2025. This is the second time |
| 1:06.0 | that an attempt to combine direct TV and DISH has failed after regulators blocked a $26 billion merger between |
| 1:13.0 | the satellite TV providers in 2002 over antitrust concerns. Reddit is down nearly 7% pre-market |
| 1:22.1 | after a report that a shareholder is seeking to raise as much as $1.2 billion in a sale of 7.8 million shares. |
| 1:30.5 | According to a Bloomberg report on Thursday, which cited people familiar with the matter, |
| 1:35.3 | Advance Magazine Publishers, which is part of the Newhouse Family Publishing Empire, |
| 1:40.3 | is offering Reddit shares at $145.38 to $148.54.5 cents a share. As of September 30th, |
| 1:49.3 | Advance Magazine held approximately 24% of Reddit's Class A and Class B common stock. |
| 1:56.2 | Advance in Reddit did not immediately respond to Bloomberg's request for comment. Reddit shares have |
| 2:01.7 | soared more than 360% since the company's IPO in March. A grand jury indicted Phillips 66 for |
| 2:10.3 | illegally discharging hundreds of thousands of gallons of industrial wastewater from the Carson |
| 2:15.7 | Oil Refinery in California into the Los Angeles |
| 2:18.9 | County sewer system, according to the U.S. Department of Justice. |
| 2:22.9 | Phillips 66 was charged with two counts of negligently violating the Clean Water Act and four |
... |
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