The proposed deal, initially announced in September, was seen as a strategic consolidation in a shrinking pay-TV market.

DirecTV on Thursday formally announced that it was nixing the agreement with EchoStar to buy Dish Network. The deal is being terminated effective as of 11:59 p.m. ET on Nov. 22, DirecTV said.

(CNN)– DirecTV is backing out of a proposed deal with EchoStar to buy rival Dish Network. The deal hinged on Dish bondholders exchanging their debt for new debt in the merged company at a discounted rate. It would have cost them about $1.5 billion, but the creditors rejected that last week.