DISH Network Corporation (DISH) - NASDAQ
  • Fri, Jul. 22, 1:34 PM
    • Dish Network (NASDAQ:DISH) is holding serve (up 0.2%) after a mini-rally following earnings that disappointed many analysts, if not those trading the stock.
    • After an initial dip in the wake of a report where the company missed on revenues and showed some substantial subscriber losses, shares rallied yesterday to gain 3.3%.
    • That's out of place, Wunderlich says as it downgrades shares to Sell. Streaming service Sling TV looks weak, says analyst Matthew Harrington, and over-the-top competitors -- especially DirecTV Now, with access to around 100M AT&T mobile customers -- will present a challenge to growing it.
    • The company is "being quite economically rational in emphasizing high-ROI customer acquisition and retention, but tail value is still deteriorating," Harrington writes. "Lower gross customer activity temporarily raises EBITDA, but a gradually deteriorating customer installed base compromises end value." The firm values the satellite and Sling businesses with a -2.5% terminal growth rate.
    • Harrington has a $48 price target on shares, about 10.8% downside from today's price.
    | Fri, Jul. 22, 1:34 PM
  • Thu, Jul. 21, 7:47 PM
    • Weighing in on week five of a retransmission blackout with Tribune Media (TRCO -0.4%), Dish Network (NASDAQ:DISH) chief Charlie Ergen indicates it might have a ways to go, saying he's ready to do without those stations.
    • WGN America is a "tweener" network that's not "super popular" with Dish subscribers, Ergen says -- and the longer the blackout lasts, the less valuable Tribune's channels are.
    • About 42 Tribune stations in 33 markets went off Dish's service in June as the two companies fought over content rates.
    • “If we ever get into a take-down situation, we have to be prepared that we will never put that channel back up again,” Ergen said on a call discussing Dish's earnings. “The value of putting WGN America back up is declining by the day.”
    • Earlier, the company reported that it saw net losses of 281,000 pay TV subscribers in a quarter where revenue missed after a tepid gain.
    • Shares that were down early rallied to a 3.4% gain by the market's close.
    | Thu, Jul. 21, 7:47 PM | 1 Comment
  • Thu, Jul. 21, 10:23 AM
    • Dish Network (NASDAQ:DISH) has rebounded some, off just 0.4% now following Q2 earnings where subscriber losses rose to a record and it missed revenue expectations with tepid growth.
    • Profits grew nearly 27%, though, to $410M.
    • The company lost a net 281,000 pay TV subscribers, vs. last year's net loss of 81,000 subs. In gross terms, it added about 527,000 paid subs vs. adding 638,000 a year ago. Those figures include Sling TV subscribers.
    • At quarter's end, Dish had 13.593M pay TV subs. Pay TV churn rose to 1.96% vs. a year-ago 1.71%. Average revenue per pay TV user was $89.98, vs. a year-ago $87.91. Meanwhile, it also lost about 15,000 net broadband subscribers to bring that base to 613,000.
    • Conference call to come at noon ET.
    • Press Release
    | Thu, Jul. 21, 10:23 AM | 1 Comment
  • Thu, Jul. 21, 6:07 AM
    • DISH Network (NASDAQ:DISH): Q2 EPS of $0.88 beats by $0.16.
    • Revenue of $3.84B (+0.3% Y/Y) misses by $10M.
    • Press Release
    | Thu, Jul. 21, 6:07 AM
  • Wed, Jul. 20, 5:30 PM
    | Wed, Jul. 20, 5:30 PM | 13 Comments
  • Thu, Jul. 14, 3:38 PM
    • The FCC voted unanimously today to open up four bands of frequencies above 24 GHz for 5G wireless service, setting the stage for exploiting next-generation technologies for mobile transmission.
    • That's nearly 11 GHz of spectrum (3.85 GHz in licensed bands at 28 GHz, 37 GHz and 39 GHz, and 7 GHz in an unlicensed band between 64 GHz and 71 GHz).
    • The agency says companies will be able to exploit the spectrum for "fiber-fast" capabilities, up to 100 times faster than current 4G networks.
    • In addition, the agency pledged to push for opening up more millimeter wave bands as quickly as it can, via a Further Notice of Proposed Rulemaking that looks to apply today's rules to another 18 GHz of spectrum (in eight additional high-frequency bands)
    • In related stocks: (T +0.5%); (VZ -0.2%); (TMUS -0.5%); (S +1.9%); (DISH +1%); (CMCSA +0.4%); (STRP +5.7%); (GSAT -1.2%)
    | Thu, Jul. 14, 3:38 PM | 38 Comments
  • Thu, Jul. 14, 1:40 PM
    • FCC Chairman Tom Wheeler says in a blog post that he won't offer up new rules regarding retransmission-rights negotiations between TV programmers and providers.
    • The stance comes alongside an increasing environment for disputes and lengthy blackouts of TV service as pay-TV companies and content creators tussle over the increasing costs of programming.
    • Based on staff review, "it is clear that more rules in this area are not what we need at this point ... So, today I announce that we will not proceed at this time to adopt additional rules governing good faith negotiations for retransmission consent."
    • Wheeler says Congress could yet expand the FCC's scope of authority which could provide for more action. But "What we need is not more rules, but for both sides in retransmission consent negotiations to take seriously their responsibility to consumers."
    • Dish Network (NASDAQ:DISH) and Tribune Media (NYSE:TRCO) are in the middle of an ongoing fight, including a blackout.
    • Pay TV players: CMCSA, TWC, CHTR, CVC/OTCPK:ATCEY, T, DISH, VZ, FTR, CTL
    | Thu, Jul. 14, 1:40 PM | 3 Comments
  • Wed, Jul. 13, 7:31 PM
    • House testimony today indicates that an FCC proposal to open the market for TV set-top boxes may be losing its majority.
    • FCC Commissioner Jessica Rosenworcel -- considered a swing vote here -- acknowledged under questioning that the proposal (voted to move forward on party lines in February) was flawed.
    • Asked by Rep. Marsha Blackburn to answer only yes/no, Rosenworcel and GOP commissioners Ajit Pai and Michael O'Rielly said "yes" to the question "Do you agree that the initial FCC set-top proposal is flawed?" Rosenworcel also said "yes" to "Do you agree that if the FCC is to move forward, it should follow a different approach than outlined in the NPRM?"
    • FCC Chairman Tom Wheeler admitted that a "Ditch the Box" counter-proposal from the TV industry, focused on using apps, showed "promise," but said "One page is not a proposal; it is a press release."
    • Pay TV players: CMCSA, TWC, CHTR, CVC/OTCPK:OTCPK:ATCEY, T, DISH, VZ, FTR, CTL
    | Wed, Jul. 13, 7:31 PM | 13 Comments
  • Wed, Jul. 6, 9:31 AM
    • Dish Network (DISH -0.1%) has named Jay Roth its chief marketing officer and senior VP.
    • Roth has spent the past decade in senior marketing roles at JPMorgan Chase, most recently leading direct-to-consumer marketing for its consumer banking and home lending organizations.
    • He'll take his Dish Network role later this summer, the company says, and have responsibility for marketing, advertising and consumer insights. He's had success leading metric-driven marketing campaigns to grow the customer base, improve account quality and increase customer interaction, Dish says.
    | Wed, Jul. 6, 9:31 AM
  • Fri, Jul. 1, 3:33 PM
    • The FCC says it will reveal the names of bidders in the forward auction portion of the broadcast incentive spectrum auction, setting the start of the next phase likely in mid-July.
    • There are about 100 parties eligible to bid and they have a payment due by 5 p.m. today, which will validate a final list. A 15-business-day period has to follow public notice of the bidders.
    • The reverse auction concluded this week with the agency needing to raise $88B to cover $86.4B in payments to broadcasters, a sum that could mean changes to the process (including multiple rounds) as the FCC works to scare it up.
    • Spectrum players: VZ, T, TMUS, S, DISH, SBGI, EVC, CMCSA, CHTR, NXST, CBS, MEG
    | Fri, Jul. 1, 3:33 PM | 30 Comments
  • Wed, Jun. 29, 7:45 PM
    • The FCC has set the cost of the spectrum being sold in the broadcast spectrum incentive auction at a whopping $86.4B -- a sum that wireless carriers may balk at.
    • That means that the FCC might have to sell less spectrum than had been expected, or use multiple rounds to settle bidding by broadcasters.
    • The current stage is the reverse auction, where broadcasters bid low to give up their low-band airwaves to the FCC -- and participation has been strong from broadcasters who might have "significantly inflated expectations," says analyst Roger Entner. That's to be followed by a forward auction round of bidding by carriers.
    • A second round of reverse auction with the broadcasters may be needed, which could slow the entire process into 2017.
    • Spectrum players: VZ, T, TMUS, S, DISH, SBGI, EVC, CMCSA, CHTR, NXST, CBS, MEG
    | Wed, Jun. 29, 7:45 PM | 38 Comments
  • Tue, Jun. 28, 2:52 PM
    • Dish Network (DISH +0.2%) is trailing the broader market today after MoffettNathanson downgraded the shares to Sell on concerns over the value of the company's spectrum cache.
    • Craig Moffett holds a $40 price target on the stock, implying just under 20% downside.
    • Several companies have the cash to acquire Dish's spectrum, including Apple, Alphabet and Amazon.com along with wireless leaders AT&T and Verizon -- but they won't make an offer, he says.
    • Between that and narrowing prospects for a merger with T-Mobile (NASDAQ:TMUS), "downward pressure" will hit Dish shares as investors realize that the spectrum isn't worth $30B as some hope, he says.
    • The option to buy out of a spectrum position might be gone, Moffett says, leaving an outright sale, and AT&T and Verizon "simply don't have the strong balance sheets many believe them to have."
    | Tue, Jun. 28, 2:52 PM | 4 Comments
  • Thu, Jun. 23, 12:52 PM
    • Pay TV providers are on Capitol Hill today in a hearing focusing fire on the industry's gutter-bound reputation for customer service and billing problems.
    • The hearing accompanies the arrival of a pair of Senate reports addressing the issue and focusing heavily on Charter Communications (NASDAQ:CHTR) and Time Warner Cable (now the same company) and their approach to customer overcharges.
    • One report from Sen. Claire McCaskill noted TWC and Charter made "no effort" to trace equipment overcharges unless customers pressed for it, and that the two overbilled customers $639,948 nationwide just between January and April of this year. Charter acknowledged overbilling customers by at least $442,691/month.
    • Comcast (NASDAQ:CMCSA), DirecTV (NYSE:T) and Dish (NASDAQ:DISH) fared better at addressing or preventing overcharges, that report says. A second McCaskill report faulted customers service and billing issues overall.
    • In today's hearing, former TWC exec John Keib said the company had been undercharging more than it had been overcharging. Meanwhile, Comcast's (CMCSA) Tom Karinshak (senior VP for customer service) said in the hearing that the industry hasn't always made customer service a priority and "I am sorry for that."
    | Thu, Jun. 23, 12:52 PM | 32 Comments
  • Thu, Jun. 2, 7:09 PM
    • Sling TV (DISH +5.8%) has announced a renewal and expansion of a deal with Asia TV USA -- "Zee" -- to broaden the scope of its South Asian channel offerings in the U.S.
    • Sling TV will launch 27 new Zee channels and become the exclusive provider of Zee's on-demand library. Of the 27 channels, nine of them will also appear on Dish Network.
    • That's in addition to 10 Zee-branded channels already on Dish and Sling. In coming months, Zee will transition viewers from its own direct-to-consumer service to Sling TV or authenticated viewing.
    • The new offering includes a "Hindi Gold Pack" which will contain all the Zee Hindi channels, and Sling will also add to Spanish-language channels (Zee TV Espanol and Z Living Espanol) and two Brazilian channels (Zee TV Portuguese and Z Living Portuguese).
    • In all, the new offerings will be in languages including Arabic, Bengali, Bhojpuri, Hindi, Marathi, Oriya, Portuguese, Rajasthani, Spanish, Tamil and Urdu.
    | Thu, Jun. 2, 7:09 PM
  • Fri, May 20, 4:34 PM
    • Dish Network (DISH +4.6%) rallied today in the face of a new wrinkle in Kerrisdale Capital's bear case -- though the stock is still about 9% below spring highs of $51.26, reached before rumors of a short case began building.
    • Earlier this month, Kerrisdale published a report that saw up to 83% downside in Dish stock focused on the company's wireless spectrum holdings, and today it filed a report with the IRS alleging improper deductions tied to spectrum amortization, saying the company can't amortize spectrum it's not actively using.
    • Detailing the thesis this afternoon, Kerrisdale's Sahm Adrangi noted a precedent in the case of Robert Broz, where a court ruled that a granted license wasn't enough for an activity to quality as active trade or business. "The situations are almost identical -- if anything, it's worse for Dish," he said, and compared the company's approach here to the one it used when trying to qualify for FCC auction discounts using designated entities.
    • Referring to BTIG Research assertions that other companies, including T-Mobile and AT&T, amortize all their spectrum regardless of use, Adrangi said: "In light of the law ... it looks risky for AT&T as well. But AT&T is an actual network with an actual business ... 'AT&T is doing it too' isn't going to fly with the authorities, in our opinion."
    • Jefferies today added DISH to its "franchise pick" list, saying "on concerns Dish is ‘running out of time,’ we believe there is plenty of time for various scenarios to unfold" with regard to spectrum.
    • “We value Dish’s spectrum portfolio at nearly $45 billion on a pretax basis, or roughly $32 billion on a tax-adjusted basis,” writes Jefferies' Mike McCormack (vs. Kerrisdale's estimate of $5.65B all the way down to just $118M). McCormack has an end-of-2017 price target of $80 on the stock, implying 72% upside.
    • Now read DISH Network - No Value In Spectrum Anymore? »
    | Fri, May 20, 4:34 PM | 3 Comments
  • Fri, May 20, 10:18 AM
    • Dish Network (NASDAQ:DISH) is up 3.7%, making a move today even amid the latest attack on the short side from Kerrisdale Capital, which is alleging improper tax deductions by the satellite broadcaster.
    • Kerrisdale has submitted a Form 3949-A to the IRS, saying that Dish is benefiting from amortizing the cost of some $14B in wireless spectrum licenses.
    • As a result, "Dish -- a company with 14M paying TV subscribers and more than $2B in annual operating income -- appears to have paid zero dollars of federal income tax in 2015."
    • The key, Kerrisdale argues, is that such amortizable intangibles be "held in connection with the conduct of a trade or business," saying that the company isn't conducting business using the licenses.
    • The firm published its short case, saying it sees 83% possible downside in the stock, on May 11. Since then, Dish shares are down 2.4%.
    • Now read DISH Network - No Value In Spectrum Anymore? »
    | Fri, May 20, 10:18 AM | 3 Comments
Company Description
DISH Network Corp. is a holding company. The company, through its subsidiaries, provides direct broadcast satellite subscription television services. It operates through two segments: Dish and Wireless. The Dish segment branded pay-TV service consists of, among other things, federal... More
Sector: Services
Industry: CATV Systems
Country: United States