New Street Research - DISH Network Corporation Class A (DISH) ... Chapter 11 and Spectrum Values – Questions We Didn’t Get To

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New Street Research

Blair Levin ...

Jonathan Chaplin
Philip Burnett

EUR 8741.00 For Business Accounts Only

Chapter 11 and Spectrum Values – Questions We Didn’t Get To

We hosted a call on Monday that covered our analysis of the impact of the FCC inquiries on spectrum values, and how this could change if the Company files for Chapter 11 protection. We hosted the call with Jeff Carlisle who is perhaps the leading expert on matters that sit at the intersection of telecom policy and bankruptcy. We got more questions than we could answer in the time we had, and so we covered the questions we didn’t get to in this note.

05/06/2025 1 EN

Underlyings

DISH Network Corporation Class A

DISH Network is a holding company. Through its subsidiaries, the company operates two business segments: Pay-TV and Wireless. The company provides pay-TV services under: the DISH? brand, which consists of, among other things, Federal Communications Commission licenses authorizing the company to use direct broadcast satellite and Fixed Satellite Service spectrum, the company's owned and leased satellites, and certain other assets utilized in the company's operations; and the Sling? brand, which consists of, among other things, live-linear streaming over-the-top Internet-based domestic, international and Latino video programming services. In addition, the company invests to acquire certain wireless spectrum licenses and related assets.

See profile

US25470M1099 NASDAQ Stock Market United States

EchoStar Corporation Class A

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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US2787681061 NASDAQ Stock Market United States

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New Street Research

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Analysts

Blair Levin

Jonathan Chaplin

Philip Burnett

Other Reports on these Companies

New Street Research

DBS also misses interest payment

Today EchoStar filed an 8-K announcing that they would not make a scheduled interest payment on DBS secured and unsecured bonds. As with the skipped interest payment at EchoStar, this triggers a 30-day grace period after which DBS will be in default. A default at DBS would also trigger a default at Dish Network Corp., based on cross-default protections in Dish Network Corp. bonds. Our quick thoughts in this (very) brief note.

EUR 8741.00

June 3, 2025 June 3, 2025 1 EN

New Street Research

Of SATS, the FCC and NextWave

Since Friday’s announcement that SATS is not making an interest payment, triggering a 30-day period that could lead to a SATS voluntary Chapter 11 proceeding, we have been in numerous talks with investors about the most notorious bankruptcy case involving the FCC and a telecom company, NextWave. In this note we quickly summarize the key lessons of that case for investors analyzing the potential implications of a SATS bankruptcy proceeding.

EUR 8741.00

June 2, 2025 June 2, 2025 1 EN

Bible 1Q25 – Hyperscale & Cloud: Inference inflecting, more hints on 2026 growth, green shoots of AI re-platforming

Today, we are publishing the Hyperscale & Cloud section of our 27th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Telecom Infrastructure, Memory, Enterprise IT, and PCs. Hyperscale revenues grew 11% YoY, with cloud services stabilizing in the mid-20%, and accelerating contribution from AI. Inference demand is strongly inflecting, including reported step-func...

4h / 20m 4h / 20m 1 EN

Blair Levin

Blair Levin

Trump/Musk War of the Roses: Impact on Telecom Policy

President Trump and Elon Musk are having a public falling out. In this note we address how we think this could affect telecom policy, specifically, the current FCC investigation of SATS, the BEAD program and the future of Universal Service.

EUR 8741.00

4h / 37m 4h / 37m 1 EN

Blair Levin

Blair Levin

BEAD Guidance Due Today with Rebidding Required

As we predicted earlier this week, NTIA is scheduled to provide its guidance later today on how states should proceed to receive federal funding for their BEAD broadband projects, which will include a rebidding requirement. In this note we discuss what we learned from Secretary Lutnick’s testimony, what we are likely to learn later today and what we don’t know (that apparently Lutnick doesn’t know either.)

EUR 8741.00

4h / 38m 4h / 38m 1 EN

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Chapter 11 and Spectrum Values – Questions We Didn’t Get To

DBS also misses interest payment

Of SATS, the FCC and NextWave

Bible 1Q25 – Hyperscale & Cloud: Inference inflecting, more hints on 2026 growth, green shoots of AI re-platforming

Trump/Musk War of the Roses: Impact on Telecom Policy

BEAD Guidance Due Today with Rebidding Required

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