On September 30, 2024, DIRECTV entered into a definitive agreement to acquire EchoStar’s video distribution business, DISH DBS (which includes DISH TV and Sling TV), through a debt exchange. The transaction is valued at nominal consideration of $1 plus the assumption of DISH DBS’s net debt. The acquisition creates a more competitive entity in the U.S. video industry, positioning the combined company to better serve consumers by offering more compelling video options amidst streaming service dominance.

TPG, which operates globally and does business in Canada, played a significant role in the deal by providing $2.5 billion in financing alongside its co-investors to refinance DISH DBS’s November 2024 debt maturity. Additionally, TPG announced it would acquire AT&T’s remaining 70% stake in DIRECTV, further consolidating its involvement in the video services market.

PJT Partners acted as the lead financial advisor to DIRECTV, with Ropes & Gray LLP, Crowell & Moring LLP, and HWG LLP providing legal counsel. J.P. Morgan advised EchoStar, with legal advice from White & Case LLP and Steptoe LLP. TPG was advised by Barclays, with legal counsel from Ropes & Gray LLP and Cleary Gottlieb Steen & Hamilton LLP. Completion is expected in late 2025, pending regulatory approval and other conditions.