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Dish Network CEO steps down prematurely

TAMPA, Fla. — Dish Network announced that its CEO Erik Carlson was stepping down on Nov. 12 ahead of the broadcaster’s merger with EchoStar, its sister company focused on providing broadband services from space, after experiencing a sharp decline in numbers of satellite television customers.

Announcing its results on November 6, Dish Network said net pay-TV subscribers fell by about 64,000 in the three months ended September 30, to 8.84 million, split between 6 .72 million for its DISH TV satellite broadcasting activity and 2.33 million for its SLING TV streaming activity. service.

The Englewood, Colo.-based company added 30,000 pay TV subscribers during the same period last year, typically a good quarter for the company as NFL events approach and of college football in the United States.

However, growing competition from other streaming services saw Dish Network’s revenue for the third quarter of 2023 fall almost 10% year-over-year to $3.1 billion.

The company also reported a net loss of $139 million, compared to $412 million in net profit earned in the corresponding quarter of the previous year.

To diversify its revenue, Dish Network has invested heavily in a 5G network across the United States that it hopes to better support by partnering with EchoStar, which has about $2 billion in cash reserves. Both companies are controlled by billionaire Charlie Ergen.

EchoStar reported a 17% drop in year-over-year revenue for the three months ended September 30, to $413.1 million, as it awaits Jupiter-3, the operator’s latest satellite which is expected to enter service in December to ease ongoing capacity constraints. support subscriber growth.

Hughes Network Systems, the Internet service provider subsidiary of EchoStar, has about 1.6 million subscribers after a decline of 65,000 from the end of 2022.

EchoStar reported third-quarter 2023 net income of $37.4 million, down $19 million year-over-year.

Dish Network and EchoStar said they intended to complete the merger before the end of 2023 when it was announced in August, and did not provide an updated timeline on November 6.

Carlson was expected to step down once the deal closed to make way for EchoStar CEO Hamid Akhavan, who would serve as CEO of the combined company.

Dish Network said Carlson informed the company of his decision to resign on Nov. 3, adding that he would remain on the board until its merger with EchoStar closes.

In October, the companies amended their stock merger agreement so that EchoStar, rather than Dish Network, would be the surviving entity and shares.

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