DISH: Quick thoughts following the Echostar merger call
The merger call just wrapped, covering the high-level details of the business combination. The most important takeaway was that the new combined company will only spend $2BN in construction capex in 2024 and 2025, which includes the cost of meeting Dish’s final FCC requirements. This is $1BN less than the “bare bones” capex we had modeled after 1Q23 earnings.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.
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