DirecTV notified EchoStar Corp. of its intention to terminate an acquisition of Dish Network Corp. after bondholders failed to consent to a key debt exchange, all but killing a deal to create the largest US pay-TV service.

Echostar ( (SATS) ) just unveiled an update. EchoStar Corporation’s planned sale of its Pay-TV business to DIRECTV has been called off after DIRECTV terminated the agreement due to unmet conditions. The acquisition,

A DirecTV spokesperson told the Post: “A successful [debt] exchange was a condition for acquiring the Dish video business. Given the outcome of the EchoStar exchange, DirecTV will have no choice but to terminate the acquisition of Dish by midnight Nov. 22.”