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 buying Dish and Sling, a deal it has sought to complete for years, as the company seeks to better compete against streaming services that have become dominant. DirecTV said Monday that it will acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that includes a payment of $1,

DirecTV said on Monday that it had agreed to acquire Dish Network in a deal that would create one of the largest pay-TV providers in the US.

The deal, which is subject to regulatory approval, would create one of the largest pay-TV distributors in the U.S. The companies were blocked in an attempt to merge in 2002.

DirecTV and Dish have agreed to combine in a deal that will create the biggest pay-TV provider in the US. Under the terms of the transaction, DirecTV will acquire Dish from its owner EchoStar Corp. for a nominal consideration of $1 plus the assumption of about $9.

EchoStar CEO Hamid Akhavan appeared on CNBC's Squawk on the Street on Monday after the company sold its video distribution business to DirecTV.