The move comes after Dish bondholders rejected a modified offer Getty Images As expected, DirecTV has formally walked away from the deal that would have merged the company with rival satellite cable provider Dish Network. “While we believed a combination of DIRECTV and DISH would have benefitted all stakeholders, we have terminated the transaction because the proposed Exchange Terms were necessary to protect DIRECTV’s balance sheet and our operational flexibility,” Bill Morrow, CEO of DirecTV