Pegasus Communications Corp.’s stock plunged 31% Friday after a clash with DirecTV Inc. dimmed hopes of a merger between the two companies.
Pegasus CEO Marshall Pagon met with DirecTV chairman Chase Carey Thursday to discuss a settlement of litigation between the companies, but it turned into an acquisition discussion.
Pegasus owns franchises to resell DirecTV in most rural markets, and investors have been betting heavily on a sale. But Carey came out of the meeting and surprised Pagon by issuing a caustic statement, saying he’s terminating any mediation.
The television industry's top news stories, analysis and blogs of the day.
Thank you for signing up to Next TV. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.