EchoStar: quick thoughts following the call 3Q24
In this note we focus on just one thing: the fate of DBS. We will cover what we learned about the mobile business in a follow up, if we can (there wasn’t much). Based on conversations, we believe bondholders will reject the current DBS exchange offer (it expires at 5PM). The DBS merger is contingent on the exchange succeeding, and so this will fail too. We cover the implications for EchoStar, TPG, and bond holders in this note.EchoStar is a holding company. Through its subsidiaries, the company is a global provider of broadband satellite technologies, broadband internet services for home and small office customers, satellite operations and satellite services. The company operates in two business segments: Hughes, which provides broadband satellite technologies and broadband internet services and broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions; and EchoStar Satellite Services, which uses certain of the company's owned and leased in-orbit satellites and related licenses to provide satellite service operations and satellite services.
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