DirecTV promptly announces deal to acquire EchoStar’s video business that includes Dish TV and Sling TV, cementing a combination the two have sought for decades.

DirecTV is acquiring satellite rival Dish Network, creating by far the largest U.S. pay-TV operator. The two satellite companies, which have struggled in recent years due to cord-cutting and their innate inability to offer broadband services, have discussed coming together several times over the years.

The deal would provide a loan to Dish parent EchoStar Communications and also prompt the departure of AT&T from its ownership of DirecTV.

DirecTV is buying Dish and Sling for $1 and the assumption of nearly $10 billion in debt, marking one of the biggest pay-TV mergers ever.

The deal, announced on Monday, will see DirecTV take over Dish and Sling from current owner EchoStar. The move, which has been in the works for years, aims to address the growing challenge posed by streaming services like Netflix and Hulu,

The companies say the deal will improve the viability of satellite services in an industry now dominated by streaming providers.

DirecTV said it will pay EchoStar $1 for Dish but will assume $9.75 billion of its debt. At the same time, private equity firm TPG will acquire AT&T's 70% stake in DirecTV. (In 20