The deal between the rival satellite TV giants for $1 and $9.75 billion in debt is contingent upon Dish's bondholders agreeing to a debt exchange

DirecTV said it will abandon a plan to buy its satellite television rival after some bondholders refused to accept a steep discount on Dish parent EchoStar’s debt.

Related: What DirecTV, Dish Network merger means for current customers In other news, time is running out for the 8 million people who still use DISH TV and Sling TV as their video services. A deal that would have sold both units owned by EchoStar to satellite TV provider DirecTV could be ditched.

Dish Network Corp. creditors have rejected the US satellite-television provider’s bond-exchange offer on the eve of a deadline for a debt deal that is key to the company’s proposed acquisition by rival DirecTV.

Dish Network Corp.'s creditors have rejected the company's bond-exchange offer just ahead of a key deadline, threatening the proposed merger with DirecTV.

“A successful exchange was a condition for acquiring the Dish video business,” a DirecTV spokesperson said in an emailed statement to Bloomberg. “Given the outcome of the EchoStar exchange, DirecTV will have no choice but to terminate the acquisition of Dish by midnight on Nov. 22.”

The two satellite companies would form the largest pay-TV company in the United States if they merged, but DIRECTV is losing patience. Time appears to be running out for a combination of DISH and DIRECTV.