SATS and Carr’s Endgame
Last week, the dominant story in our space involved the escalation of the battle between SATS and SpaceX as well as the threat to the SATS’ spectrum licenses through two FCC investigations that Chairman Carr initiated. In this note we focus on the twists and turns of those investigations and update our thoughts on the core questions that will help investors understand the path(s) forward, with endgames that can affect not just SATS but others who utilize and seek new spectrum.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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