Charlie Ergen’s decades-long dream to combine his satellite-TV company Dish Network Corp. with rival DirecTV hinges on the willingness of creditors he has irked in the past to write off part of their investment in the heavily indebted company.

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.

The acquisition promises to offer consumers cheaper TV packages in today's live streaming market. EchoStar will keep Dish's 5G cellular business while AT&T is selling its stake in DirecTV.

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.

Under the deal, DirecTV will pay Dish's owner, EchoStar, just $1 for Dish in exchange for assuming its billions of dollars in debt.

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.

A corporate merger for only one dollar might seem impossible, but the deal to acquire Dish TV and Sling TV by DirecTV is a bit more complicated than $1.

(CNN)– DirecTV has agreed to buy rival Dish Network. Under the deal, DirecTV will pay Dish’s owners, EchoStar just $1 in exchange for assuming its billions of dollars in debt. If the companies combine, the new service will have about 20 million subscribers. At its peak in 2015, DirecTV had 20 million subscribers alone.

The prospect of a DirecTV-Dish combo has long been rumored, with headlines about reported talks popping up over the years.

TPG, a private equity firm that already owns 30% of DirecTV, will have a majority stake in DirectTV from AT&T. The deal still needs to be approved by federal regulators.