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DirecTV agrees to buy satellite rival Dish (and its debt) for one dollar

DirecTV to take on Dish's $10B debt and TPG will buy AT&T's 70% stake in DirecTV.

In a related transaction also announced today, private equity firm TPG plans to buy AT&T's 70 percent stake in DirecTV. "Dish Network will also benefit from the releases of a substantial amount of intercompany receivables, including spectrum, but will have contractually limited access to the cash flow generated by its business between signing and closing." "Dish and DirecTV are launching an exchange offer at a discounted rate for the debt to help extend the maturities," Reuters wrote.

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