Charter and Comcast have battled for the right to call themselves "America's top cable provider." Now, neither is close.

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

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 acquiring DISH through a $9.75 billion debt exchange transaction. This deal, pending approval, would create a monopoly in the satellite television industry. Ironically, it would also contribute to the FCC's 5G buildout goals by rescuing EchoStar, the current owner of DISH, from bankruptcy.

Not long ago, satellite TV was the future. Now, one of its biggest players is being sold for $1, as streaming continues to erode traditional cable, over-th

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.

DirecTV’s proposed takeover of rival Dish is an admission that the satellite-TV business is fading. Chief Executive Officer Bill Morrow has big ideas about what could come next.

DirecTV and Dish have agreed to merge. The combination will create the biggest traditional pay-TV service at a time when streaming dominates.