EchoStar Deal Doesn't Make Dish Bankruptcy Less Likely: MoffettNathanson
The EchoStar/Dish Network transaction consummated over the weekend, (see 2401020003) "buys Dish some time… but not much," MoffettNathanson wrote Thursday. A Dish bankruptcy remains likely as its direct broadcast satellite, streaming video and Boost wireless mobile virtual network operator businesses…
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are losing subscribers and the latter two are losing money, it noted. Dish's 5G network plans would make it the fourth entrant in a mature market where carriers don't always earn their cost of capital, it said. While Dish has "immensely valuable" spectrum assets, the potential buyers all have balance sheet issues and there are prohibitions on spectrum sales to any of the major wireless carriers before 2027, it said. "And even then, it isn’t entirely clear that the FCC and DOJ would conclude that spectrum sales to any of those three buyers are in the public interest," it added.