DirecTV has agreed to buy competing pay-TV provider Dish Network for $1 plus the assumption of debt, the company announced Monday. If approved by regulators, the acquisition will include the purchase of Dish TV and Sling TV from owner EchoStar in exchange for DirecTV taking on $9.75 billion of Dish's debt, according to a joint statement.

DirecTV and Dish Network, longtime satellite TV adversaries, are set to merge. DirecTV announced a deal Monday with Dish parent company EchoStar to acquire Dish in a deal valued at nearly $10 billion — which would create the U.S.’s largest pay-TV provider.

DirecTV is buying rival Dish Network in an attempt to effectively compete against streaming services. On Monday, the satellite TV provider announced it will pay $1 for EchoStar’s video distribution business, Dish DBS, which means it will own Dish TV and Sling TV. DirecTV also agreed to assume $9.75 billion of Dish's debt.

Long-time rival DirecTV on Monday said it will pay $1 and assume $9.7 billion in EchoStar debt to acquire Dish Network and its Sling streaming service. That amount represents under half the $21.3 billion in net debt EchoStar holds and will ease the pressures tied to a $2 billion payment that was coming due in mid-November.

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