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DISH

DISH Network Corporation

5/25/2013, 12:51 AM ET

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Thursday, May 23, 10:28 PM DISH moves closer to getting financing for its $25.5B bid for Sprint (S), receiving signed commitment letters from 5 banks for $9B, reports the WSJ. Dish hasn't yet paid commitment fees as Charlie Ergen is waiting for Sprint's board to declare Dish's offer potentially superior to SoftBank's (SFTBF.PK) $20.1B bid. Earlier, Dish responded to SoftBank's touting of the benefits of it gaining control of Sprint. 4 Comments [M&A]
Thursday, May 23, 3:49 PM Getting the go-ahead from the CA Public Utilities Commission, Sprint (S) and SoftBank (SFTBF.PK) announce they've received all necessary state regulatory approvals for their transaction (Softbank's purchase of a majority stake in Sprint). Next up is the FCC and a government panel which reviews foreign investments. DISH has yet to win these state approvals, maybe giving an edge to SoftBank which can promise a speedier and more certain closing. 1 Comment [M&A, Tech, Consumer]
Thursday, May 23, 11:02 AM Dish Network (DISH -1.4%) warns the Committee on Foreign Investment review of the proposed SoftBank (SFTBF.PK)-Sprint (S +0.1%) transaction highlights the serious national security risks the deal could pose. In particular, the company points to the potential use of Chinese-manufactured equipment on a foreign-controlled Clearwire network. 1 Comment [Consumer, Tech, Global & FX]
Wednesday, May 22, 1:03 PM The Xbox One is far from the future of television unless cable providers (CVC, CMCSA, CHTR, TWC) can work with Microsoft to create a superior video product that captures market share from satellite players (DISH, DTV), according to BTIG's Rich Greenfield. Under the status quo, the Xbox One only offers a clunky way to control the TVs and DVRS of consumers without a complex home configuration. Greenfield says an edge exists for the cable industry, as long as it works quick before the Apple Television launch or an improved Google TV product is debuted. Comment! [Tech, Consumer]
Tuesday, May 21, 9:09 AM Sprint (S) raises its offer for Clearwire (CLWR) to $3.40/share ahead of today's shareholder vote on a $2.97/share offer, which was widely expected to be shot down. The revised offer, which trumps Dish's (DISH) $3.30/share bid and has been sent to Clearwire's board for review, is said to have the support of Comcast, Intel, and Bright House, who collectively own 26% of Clearwire shares not held by Sprint. Nonetheless, Clearwire +6.1% to $3.46, above the offer price. Sprint +1.1%. (previous) 6 Comments [Tech, On the Move, M&A, Breaking News, Top Stories]
Tuesday, May 21, 6:47 AM Dish Network (DISH) can talk to Sprint (S) and look at its books after Softbank (SFTBF.PK) agreed to a waiver. Softbank thinks its offer to buy the company is superior and sees the move as a step forward toward closing a deal to acquire Sprint before July 1. Comment! [M&A, Tech]
Monday, May 20, 4:11 PM Dish (DISH -0.7%) has made a $2B bid for bankrupt Lightsquared's spectrum even though the FCC hasn't yet approved its use due to GPS interference concerns, Bloomberg reports. The report comes with Sprint (S) and Clearwire (CLWR) continuing to play hard-to-get in the wake of Dish's offers for the companies, and a day before Clearwire shareholders vote on a Sprint offer many think will get shot down, at least if it isn't raised from a current $2.97/share. Comment! [Tech, Consumer, M&A]
Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 4 Comments [Quick Ideas]
Tuesday, May 14, 2:47 PM Dish (DISH -0.3%) is raising $2.5B in debt to help finance its bid for Sprint (S +0.8%), and presumably demonstrate its seriousness to Sprint's board. Bloomberg reported last week Sprint has held off on giving Dish access to its books, partly due to skepticism about the satellite TV provider's ability to finance its offer (includes a $17.3B cash component). Dish had $11.9B in debt on its balance sheet as of March 30, to go with $7.2B in cash/investments. 1 Comment [Tech, Consumer, M&A]
Friday, May 10, 9:59 AM Top shareholder advisory firm ISS backs Sprint's (S -0.1%) $2.97/share offer for Clearwire (CLWR -0.9%) ahead of a May 21 vote, in spite of opposition from major shareholders not named Sprint. ISS' arguments: Sprint's offer is fair, the carrier has effective veto power on any rival bid, and Clearwire looks "increasingly unviable on a stand-alone basis." SoftBank (SFTBF.PK) must be pleased, Dish (DISH) less so. Clearwire has sold off over the last 2 days, but still remains 9% above Sprint's offer price. (previous) Comment! [Tech, M&A]
Friday, May 10, 8:20 AM Dish Network (DISH) has Jefferies helping it line up $25.5B in financing for the company's bid for Sprint (S), according to Bloomberg. Jefferies and Barclays will reportedly look for one or two more investment banks to join the bandwagon to help make the Dish offer irresistible. 2 Comments [Consumer, M&A]
Thursday, May 9, 1:32 PM Dish (DISH -1.4%) owned $592M in "derivative financial instruments" tied to Sprint's (S) stock as of May 1, as well as Sprint shares worth $75M as of March 31, the company discloses in a 10-Q filed after its Q1 report. Dish also owned $950M in Clearwire (CLWR) debt at the end of Q1, nearly unchanged from $951M at the end of Q4. Consider the Sprint purchases an attempt to gain a bit of leverage as Dish pursues its bids for Sprint and Clearwire. Also: During Dish's Q1 call, Charlie Ergen stated Dish would consider partnering with another carrier if Sprint sticks with SoftBank (no surprise), and that a sale of the company wouldn't be out of the question. (previous) 7 Comments [Tech, M&A]
Thursday, May 9, 6:48 AM More on Dish Network's (DISH) Q1: Higher subscriber-related expenses cut into profitability including programming and subscriber acquisition costs. The company added 654K gross new pay-TV subscribers during the period, compared to 637K for last year's first quarter. 66K new broadband subscribers were added. (PR) Comment! [Earnings, Consumer]
Thursday, May 9, 6:01 AM DISH Network (DISH): Q1 Revenue of $3.56B misses by $0.05B. (PR) Comment! [Earnings]
Thursday, May 9, 12:05 AM Notable earnings before Thursday’s open: AES, AGU, ALR, AM, AMRC, APA, BAM, BCE, CBB, CNSL, CTB, CVC, DF, DISH, DNDN, GLP, GTIV, IRC, KEM, KIOR, MEA, NPSP, OWW, PCP, SNE, SNSS, SPH, SRPT, TK, TNK, VICL, VNDA, WAC, WFR, WIN, WWAV, XRAY Comment! [Earnings]
Wednesday, May 8, 5:30 PM Notable earnings before Thursday’s open: AES, AGU, ALR, AM, AMRC, APA, BAM, BCE, CBB, CNSL, CTB, CVC, DF, DISH, DNDN, GLP, GTIV, IRC, KEM, KIOR, MEA, NPSP, OWW, PCP, SNE, SNSS, SPH, SRPT, TK, TNK, VICL, VNDA, WAC, WFR, WIN, WWAV, XRAY Comment! [Earnings]

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