The DirecTV and Dish merger is subject to regulatory approval and serves as a lifeline for EchoStar, which has no means to pay the $2 billion of its $20 billion debt due by November 14th. DirecTV previously attempted to merge with Dish in 2002,

Private-equity firm TPG agreed to buy AT&T’s remaining stake in DirecTV and merge the satellite company with rival Dish in a one-two punch designed to keep the pay-TV provider competitive in the streaming era.

While both DirecTV and Dish have been losing customers to cord-cutting, combined they would have about 20 million subscribers, tops in the shrinking pay TV business. AT&T, which spun off DirecTV but retained 70% ownership in the satellite company, said it sold its stake to private-equity company TPG.