DISH Network Reports Surprise Q3 Loss as Subscribers Decline, CEO Carlson to Step Down Amid EchoStar Merger

DISH Network sees share value plummet as Q3 loss of $0.26 per share, increased competition from streaming services, and a net decline of 64,000 Pay-TV customers amidst efforts at expansion into the wireless market.

Dish Network reported a surprise Q3 loss of $0.26 per share, revenue fell by 9.5% from a year ago to $3.7 billion, both below analysts’ estimates.
The company witnessed a decline in subscribers, with a net loss of 64,000 Pay-TV subscribers, including a decline of 181,000 Dish TV subscribers, and an increase of 118,000 at Sling TV.
Dish Network is selling off its assets in Puerto Rico and the Virgin Islands to Liberty Latin America for $256 million, aiming to raise capital for developing its U.S. wireless business.
CEO Erik Carlson is set to step down on Nov. 12 following the impending merger with satellite operator EchoStar, which is expected to establish a nearly $6 billion company. EchoStar CEO Hamid Akhavan will replace Carlson.
The decline in subscriptions is attributed to increased competition from streaming services like Netflix and Disney+, and disagreements over distribution rates, as seen by the removal of customer access to 37 local channels after failed negotiations with U.S.-based Hearst Television.

The Hollywood Reporter