The deal, which would have created one of the largest pay-TV providers in the United States, fell apart after strong objections from Dish’s lenders.

A tie-up meant to help struggling satellite-TV companies is falling apart after creditors balked at a proposal to cut into their holdings.

DirecTV notified EchoStar Corp. of its intention to terminate an acquisition of Dish Network Corp. after bondholders failed to consent to a key debt exchange, all but killing a deal to create the largest US pay-TV service.