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DISH

DISH Network Corporation

5/21/2013, 9:12 PM ET

Quote & Headlines Market Currents StockTalk

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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) 5 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]
Tuesday, May 7, 6:10 PM Sprint (S) doesn't seem enthusiastic about Dish's (DISH) merger bid: Bloomberg reports the carrier is holding off on giving Dish access to its books due to questions about Dish's ability to obtain needed financing, skepticism about Dish's $11B cost savings estimate (Sprint thinks staff overlap is limited), and concerns about the debt burden the combined company would have. Moreover, Sprint's board has reportedly sent a letter to Dish stating its bid needs to be changed before Sprint can weigh it against SoftBank's (SFTBF.PK). (more on Sprint/Dish) 1 Comment [Tech, Consumer, M&A]
Monday, May 6, 12:39 PM Even as shareholder opposition makes it increasingly unlikely Sprint's (S +0.1%) $2.97/share offer for Clearwire will succeed, Clearwire (CLWR -0.1%) insists in a shareholder letter the offer "provides the best strategic alternative" for the 4G carrier/spectrum owner's minority shareholders. Clearwire cites a "substantial funding gap" among its reasons for backing Sprint's bid, and claims other deals, such as Dish's (DISH) $3.30/share offer, are impractical due to Sprint's opposition and Clearwire's governance structure. Shareholders vote on May 21. 3 Comments [Tech, M&A]
Thursday, May 2, 2:05 PM Dish (DISH +0.1%) CEO Charlie Ergen responds in kind to SoftBank (SFTBF.PK) chief Masayoshi Son's caustic remarks, insisting Dish's bid for Sprint (S +0.4%) is superior and appealing to nationalism along the way. "We're offering a higher price ... We are an American company ... Operations command control will be in America. That's good for jobs." Ergen also argues SoftBank's Japanese corporate culture will lead to integration challenges. "If you have to lead tens of thousands of employees, culture matters." Of course, Son and SoftBank are often seen as mavericks in Japan. (more on Ergen) 6 Comments [Tech]
Tuesday, April 30, 9:51 AM SoftBank (SFTBF.PK) CEO Masayoshi Son continues to insist his firm won't raise its offer for Sprint (S +0.3%) in response to Dish's (DISH) bid. "Why should we? We are already providing a better deal than the Dish proposal." Son goes on to call Dish CEO Charlie Ergen an "amateur" who is "desperate" to find a use for Dish's 4G spectrum. He adds SoftBank's offer is worth $7.65/share to Sprint, and Dish's $6.31/share, after factoring synergies, delays, and penalties; Dish values its proposal at $7, and SoftBank's at $6.22. (previous) (more on Dish/Sprint) 9 Comments [Tech, M&A]

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