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 and Disney+.
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. with satellite operator EchoStar, a deal that will reunite billionaire Charlie Ergen’s telecom empire and create a nearly $6 billion company.
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. 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 and Disney+.Dish posted a loss of $139 million, or 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.
Bloomberg News reported last month that the companies told a court they had agreed to give Dish until April 1 to buy the airwaves after the satellite network missed an August deadline.
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