US Special Situations: DISH DBS bondholders start signing NDAs ahead of potential merger bid for DirecTV
Erica Carnevalli: Reporter - LevFin Insights
Dawit Habtemariam: Reporter - LevFin Insights
15 December 2025
Insights into DISH DBS DirecTV Merger, including:
- Bondholder NDA Activity Signals Deal Revival: Major DISH DBS bondholders are signing non-disclosure agreements as the satellite TV company prepares a second attempt at the DISH DBS DirecTV merger, following the failed November 2024 transaction.
- $40 Billion Asset Sale Reshapes Balance Sheet: Discover how EchoStar’s $23bn spectrum sale to AT&T and $17bn deal with SpaceX have positioned the company for renewed M&A discussions after resolving FCC regulatory challenges.
- Bondholder Litigation Adds Complexity: Learn how ongoing legal disputes between US Bank trustee and EchoStar over alleged asset transfers could impact the DISH DBS DirecTV merger negotiations and creditor recoveries.
- Bond Trading Reflects Growing Optimism: See how DISH DBS bonds have rallied—with 7.375% 2028 notes climbing from 93.5 to 96 and 5.125% 2029 notes rising from 85 to 89—as merger speculation intensifies.
- TPG’s DirecTV Acquisition Creates New Dynamics: Understand how TPG’s July completion of the 70% DirecTV stake acquisition from AT&T has fundamentally altered the strategic landscape for potential satellite TV consolidation.
Certain significant bondholders in DISH DBS have started getting restricted as anticipations build that the satellite television company is gearing up to once again attempt a tie-up with DirecTV, sources tell LFI.
The move would mark the second effort to unite the two businesses. DISH Network parent company EchoStar’s prior agreement to sell equity interests in DISH DBS to DirecTV was terminated last November after a DISH DBS bondholders rejected a contingent bond exchange offer. The deal envisioned splitting up the business by offloading the legacy pay-TV assets along with debt issued at the accompanying DBS silo to DirecTV.
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