DISH Acquires DBS and OTT Assets from EchoStar
January 31 2017 - 4:15PM
Business Wire
- Deal gives DISH end-to-end control over
DBS, Sling TV customer experience
- Businesses anticipate Q1 ’17
closing
DISH Network Corporation and EchoStar Corporation today
announced they have executed an agreement that will transfer
certain EchoStar assets and operations, including its EchoStar
Technologies hardware and software development group, its national
and regional uplink business, its managed fiber backhaul network
serving all U.S. DMAs and its OTT development group to DISH in
exchange for DISH’s 80 percent economic interest in Hughes
Retail Group held in the form of a tracking stock.
This transaction also transfers to DISH the 10 percent stake in
Sling TV held by EchoStar, wireless spectrum licenses covering four
markets in the 28 GHz band and certain real estate properties.
DISH will continue to market satellite broadband under the brand
dishNET to rural customers.
“With this transaction we will vertically integrate all the
elements that define our customer experience – one team will
deliver the full DISH and Sling TV experience end to end,” said
DISH President Erik Carlson. “Not only do we gain full control of
product development roadmap for DBS and Sling TV but we also
anticipate achieving operational efficiencies.”
The transaction is structured in a manner to be a tax-free
exchange and is expected to close in the first quarter of 2017,
subject to satisfaction or waiver of closing conditions.
About DISH
DISH Network Corp. (NASDAQ:DISH), through its subsidiaries,
provides approximately 13.643 million pay-TV subscribers, as of
September 30, 2016, with the highest-quality programming and
technology with the most choices at the best value. DISH offers a
high definition line-up with more than 200 national HD channels,
the most international channels and award-winning HD and DVR
technology. DISH Network Corporation is a Fortune 200 company.
Visit www.dish.com.
Cautionary Statement Concerning
Forward-Looking Statements
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of DISH Network Corporation to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. More information
about such risks, uncertainties and other factors is set forth in
DISH Network Corporation’s Disclosure Regarding Forward-Looking
Statements included in its recent filings with the Securities and
Exchange Commission (the “SEC”), including its annual report on
Form 10-K for the year ended December 31, 2015 and any
subsequent quarterly reports on Form 10-Q. Risks and
uncertainties relating to the proposed transaction include, without
limitation, statements about the benefits of the transaction,
including future financial and operating results and DISH Network
Corporation's plans, objectives, expectations and intentions, and
other statements that are not historical facts. The forward-looking
statements speak only as of the date made, and DISH Network
Corporation expressly disclaims any obligation to update these
forward-looking statements. Nothing herein shall be deemed to be a
forecast, projection or estimate of the future financial
performance of DISH, following the completion of the
transaction.
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version on businesswire.com: http://www.businesswire.com/news/home/20170131006363/en/
DISHBob Toevs, 303-723-2010bob.toevs@dish.com
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