This photo provided by CBS shows, Glenn Geller, president, CBS Entertainment speaking to the TCA Winter Press Tour 2016 on Tuesday, Jan. 12, 2016 at the Langham Hotel in Pasadena, Calif. (Francis Specker/CBS via AP)
NEW YORK (AP) --
CBS says its entertainment president, Glenn Geller, is stepping down from that position. The company also said it's in discussions with him for a production deal with CBS Television Studios.
Tuesday's announcement comes two months after he suffered a mild heart attack.
Geller, who has been with CBS since 2001, was named entertainment president in September 2015. In that role, he led the network's entertainment programming and creative affairs for prime time, daytime and late night, as well as program development.
CBS did not immediately announce who would succeed him.
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
