EchoStar's challenge to Murdoch's offer has been thwarted since its inception as many believe that anti-trust regulators would not allow the US's two largest direct-to-home broadcasters to merge.
EchoStar chairman Charles Ergen is now in a position where he could complete a takeover of Hughes Electronics, the General Motors division which owns DirecTV, but without financial backing from other companies.
Ergen's supporters believe he could complete a takeover of Hughes without initial backing. Ergen has already raised $2.3bn (£1.6bn) through the sale of convertible bonds last month and he could raise the rest of the cash through bridge loans from investment banks. The loans can be repaid through issuing more convertible bonds after a merger, analysts believe.
It is also believed that a number of companies Ergen has approached about backing would become involved once the deal reached the due diligence process, after Ergen has made an initial offer.
However, other events have recently worked in Murdoch's favour, particularly the news that DirecTV's subscription growth has slowed dramatically, wiping around 10% off its share price.
The news raised the relative value of the global satellite assets that Murdoch plans to inject into Hughes as part of the reverse takeover which would see Hughes merge with BSkyB parent Sky Global Networks, analysts said.