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,

DirecTV said it has scrapped its acquisition of Dish Network, after decades of failed attempts at mergers by the two satellite rivals.

The deal, which would have created one of the largest pay-TV providers in the United States, fell apart after strong objections from Dish’s lenders.