This study explored the impact of transactional distance dialogic interactions on student satisfaction in an international blended learning master's degree program. The program examined was collaboratively delivered by three European universities to a cohort of students residing on several different continents. Students reported experiencing transactional distance for learner-learner and learner-teacher dialogic interaction elements and dissatisfaction in the online components of the program but reported a sense of community and satisfaction for the in-person elements of the program. Transactional distance for the dimension of learner-content dialogic interaction was highest for elements of the program that were impacted by its multi-institutional nature, but students reported general satisfaction for the program overall. This study has practical implications for distance educators, administrators, instructional designers, and policy makers concerned with student satisfaction in blended courses and programs, and it contributes to the literature on student satisfaction and multi-institutional programs.