DirecTV, Dish close in on merger to form largest US pay-TV service: Bloomberg

Telecom operator AT&T (NYSE:T) and joint-venture partner TPG Capital (NASDAQ:TPG) are closing on the merger of their DirecTV service with EchoStar’s (NASDAQ:SATS) Dish, Bloomberg reported late Thursday, citing people familiar with the matter.

An agreement could be announced in the coming days, the people said, with discussions in the advanced stage. The deal would create the largest pay-TV provider in the U.S., with almost 20 million subscribers.

The companies are still working through details of the structure of the deal. Earlier this month, Bloomberg reported discussions were in the early stages. The companies had also attempted a merger in 2022, but the U.S. Department of Justice blocked it over antitrust concerns.

DirecTV, with around 11 million customers, is reportedly looking to hold control of the combined entity. EchoStar and TPG will remain investors.

The sources said while talks are at an advanced stage, they may still be delayed and the deal may not materialize. TPG, DirecTV and Dish have not yet responded to a Seeking Alpha request for comment.