{"id":11195,"date":"2023-11-08T15:57:54","date_gmt":"2023-11-08T15:57:54","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/dish-swings-to-surprise-loss-as-pay-tv-subscribers-slump\/"},"modified":"2023-11-08T15:57:54","modified_gmt":"2023-11-08T15:57:54","slug":"dish-swings-to-surprise-loss-as-pay-tv-subscribers-slump","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11195","title":{"rendered":"Dish swings to surprise loss as pay-TV subscribers slump"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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(Reuters) -Dish Network posted a surprise loss for the third quarter as pay TV subscriptions dropped more than expected in the face of tough competition from streaming services, sending its shares down nearly 15% on Monday.<\/p>\n

The company also said CEO Erik Carlson was stepping down as part of a planned merger with satellite operator EchoStar, a deal that will reunite billionaire Charlie Ergen’s telecom empire and create a nearly $6 billion company.<\/p>\n

Dish is trying to expand its presence in the wireless market as its traditional TV business takes a hit from customers cutting the cord in favor of streamers including Netflix (NASDAQ:) and Disney+. <\/p>\n

Its pay-TV subscribers, which includes Dish TV and Sling TV customers, fell by 64,000 in the three months to September, larger than Visible Alpha estimates for a decline of 39,620.<\/p>\n

Dish had added 30,000 subscribers a year ago for the September quarter, a traditionally strong period for its Sling TV streaming service thanks to college football and NFL. <\/p>\n

But the company said in September that U.S.-based Hearst Television had removed customer access to 37 local channels in 27 markets after a disagreement over distribution rates despite months of talks.<\/p>\n

Dish posted a loss of 26 cents for the third quarter, while analysts’ had expected a 5-cent profit, LSEG data showed. Revenue fell nearly 10% to $3.70 billion, missing estimates of $3.72 billion. <\/p>\n

Dish lost 225,000 retail wireless net subscribers in the quarter, compared with a 1,000 increase in the prior year. <\/p>\n

In July, the company said its unit Boost Infinite had partnered with Amazon.com (NASDAQ:) to sell postpaid wireless plans through the e-commerce platform in the United States.<\/p>\n

Dish also has the option to buy 800 megahertz of T-Mobile’s spectrum licenses, but has not yet made the move. Bloomberg News reported last month that the companies told a U.S. court they had agreed to give Dish until April 1 to buy the airwaves after the satellite network missed an August deadline.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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