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.

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

The merger of EchoStar's video businesses and DirecTV will also coincide with TPG agreeing to buy out the 70 percent of DirecTV that it does not own from AT&T.