This undated image originally released by Paramount Pictures shows John Travolta, right, and Olivia Newton-John in a scene from the film "Grease." (AP Photo/Paramount Pictures)
By Mark Kennedy, Drama Writer
NEW YORK (AP) --
Fox apparently isn't going to let NBC dominate the world of live TV musicals.
Fox jumped into the theater game Monday by announcing it will broadcast a three-hour live version of the musical "Grease" that will feature "a young ensemble cast" that has yet to be named.
NBC got a ratings boost last December with its live broadcast of "The Sound of Music" starring Carrie Underwood. It says it's working on a live production of "Peter Pan" for next December.
"Grease" features such songs as "Summer Nights," ''Greased Lightnin'," ''We Go Together" and "You're the One That I Want." It was made into a 1978 film starring John Travolta and Olivia Newton-John.
The live version will be a production of Paramount Television.
Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.
The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.
DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.
"While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.
The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.
The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.
DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More