In this Dec. 14, 2017, file photo, after a meeting voting to end net neutrality, Federal Communications Commission (FCC) Chairman Ajit Pai smiles while listening to a question from a reporter in Washington. The FCC has set June 11 as the repeal date for “net neutrality” rules meant to prevent broadband companies from exercising more control over what people watch and see on the internet. (AP Photo/Jacquelyn Martin, File)
By Mae Anderson, Technology Writer
NEW YORK (AP) --
The Federal Communications Commission has set June 11 as the repeal date for "net neutrality" rules meant to prevent broadband companies from exercising more control over what people watch and see on the internet.
Among other things, the rules prohibited companies such as Comcast, AT&T and Verizon from favoring some services and apps over others.
FCC Chairman Ajit Pai says the repeal aims to replace "heavy-handed" rules with a "light-touch" approach to internet regulation.
The FCC voted in December to gut the rules.
Currently, more than half of states have introduced legislation to preserve net neutrality in their states. A Senate vote on a federal bill is expected next week. If that passes, the House has until the end of the year to vote on it.
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
