Annonce • Oct 01
DIRECTV Holdings, LLC entered into an agreement to acquire DISH DBS Corporation from DISH Network Corporation for $1. DIRECTV Holdings, LLC entered into an agreement to acquire DISH DBS Corporation from DISH Network Corporation for $1 on September 29, 2024. DISH Network Corporation will sell and transfer to DIRECTV Holdings all of the issued and outstanding equity interests of DBS in exchange for a total cash purchase price of $1.00 plus the assumption of net debt of DBS and its subsidiaries that is outstanding as of the DIRECTV closing. Upon the completion of such transactions, DBS will become a direct and wholly-owned subsidiary of DIRECTV Holdings, LLC. Upon closing of this transaction, DIRECTV will be led by management team of both organizations and will continue to be led by Bill Morrow, DIRECTV’s Chief Executive Officer, and Ray Carpenter, DIRECTV’s Chief Financial Officer. The transaction is subject to FCC and HSR Act regulatory approval. The transaction is subject to a minimum closing cash condition, that requires that at the DIRECTV Closing, DBS together with its subsidiaries have an aggregate amount of at least $400 million of cash, subject to certain upward adjustments of such $400 million amount. The transaction is also subject to regulatory approval. The transaction, which the boards of directors of both companies have unanimously approved, is expected to close in the fourth quarter of 2025.
Jason Freedman, Minh-Chau Le and James Davis of Ropes & Gray, LLP acted as legal advisor to DIRECTV. Neeta Sahadev of White & Case LLP acted as legal advisor to EchoStar. PJT Partners is acting as lead financial advisor to DIRECTV. J.P. Morgan is acting as lead financial advisor to EchoStar. BofA Securities, Evercore, LionTree and Morgan Stanley also provided financial advice to DIRECTV. Ropes & Gray LLP, Crowell & Moring LLP and HWG LLP, are acting as legal counsel to DIRECTV. White & Case LLP and Steptoe & Johnson PLLC are acting as legal counsel to EchoStar. Annonce • Jul 04
Orange Domains, Trust Machines, Tucows, DISH and Hiro Systems Launch its First Top-Level Domain Orange Domains, the partnership connecting onchain utility with domains from Trust Machines, Tucows, DISH, an EchoStar company, and Hiro Systems, has launched its first top-level domain (TLD), .locker. Offering a true Web3-connected solution to its users, .locker will unleash new opportunities for global domain owners while still providing traditional web domain functionality. As a two-part solution, .locker provides both a Web2 domain name and corresponding digital identity, meaning that it is a TLD solution that bridges Web2 domains with Web3 digital identities, tying them to the same user. It is for Web3-curious and Web3-ready users who want the full functionality of their domain name - such as website and email capabilities - and a corresponding Web3 digital identity to use for specific applications like decentralized finance, managing crypto assets, and Web3 social networks. Those who purchase a .locker domain will enjoy all the benefits they have come to expect from premium TLDs, as well as new Web3 interoperability with Bitcoin to trade, hold, and manage their digital assets. The .locker domain's initial launch phase is exclusively for trademark holders registered in the Trademark Clearing House before opening to early access and the general public in September. .locker domains and Web3 digital identity can be renewed at the user's registrar of record where their domain is currently managed. From freelance designers to writers and small businesses, .locker provides a solution that connects customer acquisition through payments and security for domain owners. Orange Domains is grateful to ICANN for its efficient process, and many domain registrars are eager to offer .locker to their users. Annonce • Jan 24
DISH Network Corporation Files Form 15 DISH Network Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share. Annonce • Jan 10
Dish Wireless Receives $50 Million NTIA Grant for 5G Open RAN Integration and Deployment Center DISH Wireless was awarded a historic $50 million grant from the U.S. Department of Commerce's National Telecommunications and Information Administration (NTIA) to establish the Open RAN Center for Integration & Deployment (ORCID). ORCID will allow participants to test and validate their hardware and software solutions (RU, DU and CU) against a complete commercial-grade Open RAN network deployed by DISH. To date, this grant represents NTIA's largest award under the Public Wireless Supply Chain Innovation Fund (Innovation Fund). ORCID will be housed in DISH's secure Cheyenne, Wyoming campus and will be supported by consortium partners Fujitsu, Mavenir and VMware by Broadcom and technology partners Analog Devices, ARM, Cisco, Dell Technologies, Intel, JMA Wireless, NVIDIA, Qualcomm and Samsung. NTIA Administrator Alan Davidson and Innovation Fund Director Amanda Toman will join EchoStar Co-Founder and Chairman Charlie Ergen, EchoStar CEO Hamid Akhavan, EVP and Chief Network Officer Marc Rouanne and other stakeholders to announce the grant and tour a DISH 5G Open RAN cell site later in Las Vegas. During this event, DISH will outline ORCID's unique advantages, including that it will leverage DISH's experience as the only operator in the United States to commercially deploy a standalone Open RAN 5G network. DISH and its industry partners have validated Open RAN technology at scale across the country; DISH's network covers over 246 million Americans nationwide. At ORCID, participants will be able to test and evaluate individual or multiple network elements to ensure Open RAN interoperability, performance and security, and contribute to the development, deployment and adoption of open and interoperable standards-based radio access networks. ORCID's "living laboratory" will drive the Open RAN ecosystem — from lab testing to commercial deployment. ORCID will combine both lab and field testing and evaluation activities. ORCID will be able to test elements brought by any qualified vendor against DISH's live, complete and commercial-grade Open RAN stack. ORCID will use DISH's spectrum holdings, a combination of low-, mid- and high-band frequencies, enabling field testing and evaluation. ORCID will evaluate Open RAN elements through mixing and matching with those of other vendors, rather than validating a single vendor's stack. DISH's experience in a multi-vendor environment will give ORCID unique insights about the integration of Open RAN into brownfield networks. ORCID's multi-tenant lab and field testing will occur in DISH's secure Cheyenne, Wyoming facility, which is already compliant with stringent security protocols in light of its satellite functions. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to Mex$81.01, the stock trades at a trailing P/E ratio of 2.1x. Average forward P/E is 13x in the Media industry in South America. Total loss to shareholders of 89% over the past three years. Board Change • Dec 14
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Joseph Proietti was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.8% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (7.8% net profit margin). Reported Earnings • Nov 06
Third quarter 2023 earnings released: US$0.26 loss per share (vs US$0.78 profit in 3Q 2022) Third quarter 2023 results: US$0.26 loss per share (down from US$0.78 profit in 3Q 2022). Revenue: US$3.70b (down 9.5% from 3Q 2022). Net loss: US$139.2m (down 134% from profit in 3Q 2022). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Media industry in South America are expected to grow by 13%. Annonce • Nov 02
DISH Network Corporation to Report Q3, 2023 Results on Nov 06, 2023 DISH Network Corporation announced that they will report Q3, 2023 results on Nov 06, 2023 Board Change • Oct 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Joseph Proietti was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$0.38 (vs US$0.99 in 2Q 2022) Second quarter 2023 results: EPS: US$0.38 (down from US$0.99 in 2Q 2022). Revenue: US$3.91b (down 7.1% from 2Q 2022). Net income: US$200.3m (down 62% from 2Q 2022). Profit margin: 5.1% (down from 12% in 2Q 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Media industry in South America. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Annonce • Aug 09
DISH Network Corporation (NasdaqGS:DISH) entered into a definitive agreement to acquire EchoStar Corporation (NasdaqGS:SATS) for $1.8 billion. DISH Network Corporation (NasdaqGS:DISH) entered into a definitive agreement to acquire EchoStar Corporation (NasdaqGS:SATS) for $1.8 billion on August 8, 2023. Upon closing of the transaction, EchoStar stockholders will receive 2.85 shares of DISH Network Class A common stock for each share of EchoStar Class A, Class C or Class D common stock and 2.85 shares of DISH Network Class B common stock for each share of EchoStar Corporation Class B common stock they own. Following completion of the merger, existing DISH Network shareholders will own approximately 69% and existing EchoStar shareholders will own approximately 31% of the common stock of the combined company. The combined company will be headquartered in Englewood, Colorado. Hamid Akhavan will serve as President and Chief Executive Officer of the combined company upon closing of the transaction and Charles Ergen will serve as Executive Chairman. John Swieringa, President & COO of DISH Wireless, will be President, Technology & Chief Operating Officer of the combined company. Erik Carlson will continue to serve as President and Chief Executive Officer of DISH Network until closing of the transaction, at which time he will depart the business. The Board of Directors will consist of 11 members: Seven DISH directors, three EchoStar independent directors, and Hamid Akhavan.
The transaction is subject to regulatory approvals, the effectiveness of a registration statement on Form S-4 to register the issuance of DISH Class A Common Stock in connection with the transaction, the receipt of specified foreign direct investment approvals and specified approvals required under domestic and foreign satellite and communication laws and regulations, the shares of DISH Class A Common Stock to be issued pursuant to the Merger being approved for listing on the Nasdaq Global Select Market and customary closing conditions. The transaction was unanimously approved by the Boards of Directors of both companies. The majority shareholder group, which currently has approximately 90% and 93% of the combined voting power of DISH Network and EchoStar Corporation, respectively, has approved adoption of the merger agreement and the issuance of DISH Network common stock required for the transaction via written consent. The transaction is expected to be completed by year-end.
Evercore Group L.L.C. is serving as exclusive financial advisor and fairness opinion provider, and Mark I. Greene, ?Aaron M. Gruber and Jin-Kyu Baek of Cravath, Swaine & Moore LLP are serving as legal counsel to the special committee of the Board of Directors of EchoStar. Daniel G. Dufner Jr. and Michael A. Deyong of White & Case LLP is serving as legal counsel to EchoStar. J.P. Morgan Securities LLC is serving as exclusive financial advisor and fairness opinion provider, and ?Andrew J. Nussbaum and?Zachary S. Podolsky of Wachtell, Lipton, Rosen & Katz are serving as legal counsel to the special committee of the Board of Directors of DISH Network. Scott D. Miller and Scott B. Crofton of Sullivan & Cromwell LLP are serving as legal counsel to DISH Network. Annonce • Jun 20
DISH Network Corporation(NasdaqGS:DISH) dropped from S&P 500 Communication Services (Sector) DISH Network Corporation(NasdaqGS:DISH) dropped from S&P 500 Communication Services (Sector) Recent Insider Transactions • Jun 08
Co-Founder recently bought Mex$32m worth of stock On the 1st of June, James DeFranco bought around 300k shares on-market at roughly Mex$105 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth Mex$328m. James has been a buyer over the last 12 months, purchasing a net total of Mex$1.1b worth in shares. Annonce • May 19
Levi & Korsinsky, LLP Notifies Dish Network Corporation Investors of A Class Action Lawsuit and Upcoming Deadline Levi & Korsinsky, LLP notified investors in DISH Network Corporation of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Dish investors who were adversely affected by alleged securities fraud between February 22, 2021 and February 27, 2023. CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) the Company overstated its operational efficiency and maintained deficient cybersecurity and information technology infrastructure; (ii) as a result of the foregoing, the Company was unable to properly secure customer data, leaving it vulnerable to access by malicious third parties; (iii) the foregoing cybersecurity deficiencies also both rendered Dish's operations susceptible to widespread service outages and hindered the Company's ability to respond to such outages; and (iv) as a result, the company's public statements were materially false and misleading at all relevant times. Recent Insider Transactions • May 18
Co-Founder recently bought Mex$328m worth of stock On the 12th of May, James DeFranco bought around 3m shares on-market at roughly Mex$109 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. James has been a buyer over the last 12 months, purchasing a net total of Mex$1.1b worth in shares. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: US$0.42 (vs US$0.82 in 1Q 2022) First quarter 2023 results: EPS: US$0.42 (down from US$0.82 in 1Q 2022). Revenue: US$3.96b (down 8.6% from 1Q 2022). Net income: US$222.7m (down 49% from 1Q 2022). Profit margin: 5.6% (down from 10.0% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Media industry in South America. Board Change • Apr 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Joseph Proietti was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Joseph Proietti was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Feb 18
DISH Network Corporation to Report Q4, 2022 Results on Feb 23, 2023 DISH Network Corporation announced that they will report Q4, 2022 results on Feb 23, 2023 Board Change • Jan 31
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Joseph Proietti was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jan 11
Dish Network Corporation Appoints Stephen Bye to Its Board of Directors DISH Network Corporation announced it has named Stephen Bye to its Board of Directors, effective January 18, 2023. Since 2019, Stephen has served as the DISH Wireless Chief Commercial Officer supporting the development and commercialization of the company's standalone 5G network. Stephen will step down from his role as Chief Commercial Officer at DISH Wireless on January 17, 2023, and assume the role of President of the Connectivity division at Ziff Davis. Board Change • Dec 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. President, CEO & Director W. Carlson was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Aug 21
Co-Founder recently bought Mex$60m worth of stock On the 17th of August, James DeFranco bought around 160k shares on-market at roughly Mex$371 per share. This was the largest purchase by an insider in the last 3 months. James has been a buyer over the last 12 months, purchasing a net total of Mex$564m worth in shares. Recent Insider Transactions • Aug 11
Co-Founder recently bought Mex$1.6m worth of stock On the 5th of August, James DeFranco bought around 4k shares on-market at roughly Mex$381 per share. In the last 3 months, they made an even bigger purchase worth Mex$489m. James has been a buyer over the last 12 months, purchasing a net total of Mex$491m worth in shares. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: US$0.99 (vs US$1.27 in 2Q 2021) Second quarter 2022 results: EPS: US$0.99 (down from US$1.27 in 2Q 2021). Revenue: US$4.21b (down 6.2% from 2Q 2021). Net income: US$522.8m (down 22% from 2Q 2021). Profit margin: 12% (down from 15% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is expected to shrink by 3.1% compared to a 5.8% decline forecast for the industry in Mexico. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 33% share price decline to Mex$422, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Media industry globally. Total loss to shareholders of 36% over the past three years. Recent Insider Transactions • May 17
Independent Director recently bought Mex$1.9m worth of stock On the 12th of May, George Brokaw bought around 5k shares on-market at roughly Mex$387 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought Mex$1.5m more in shares than they have sold in the last 12 months. Reported Earnings • May 06
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$4.33b (down 3.7% from 1Q 2021). Net income: US$432.7m (down 31% from 1Q 2021). Profit margin: 10.0% (down from 14% in 1Q 2021). Over the next year, revenue is expected to shrink by 1.2% compared to a 6.0% decline forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$4.56 (up from US$3.36 in FY 2020). Revenue: US$17.9b (up 15% from FY 2020). Net income: US$2.41b (up 37% from FY 2020). Profit margin: 14% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 130% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Mex$740, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Media industry globally. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$368 per share. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS US$1.06 (vs US$0.96 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: US$4.45b (down 1.8% from 3Q 2020). Net income: US$557.0m (up 10% from 3Q 2020). Profit margin: 13% (up from 11% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 16
Insider recently sold Mex$439k worth of stock On the 13th of September, David Scott sold around 500 shares on-market at roughly Mex$878 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS US$1.27 (vs US$0.86 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: US$4.49b (up 41% from 2Q 2020). Net income: US$671.0m (up 48% from 2Q 2020). Profit margin: 15% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings.