Dish Swings to Third-Quarter Loss Amid AMC Networks Litigation Costs
The satellite TV company lost 19,000 pay TV subscribers in the latest period, compared with a year-ago loss of 111,000.
Satellite TV operator Dish Network on Tuesday said it swung to a third-quarter loss as it lost fewer pay TV subscribers, but booked $730 million in expenses for its recently settled AMC Networks litigation. It also recorded higher programming costs and increased advertising associated with its controversial Hopper set-top box.
The company, led by chairman Charlie Ergen, posted a loss of $158.5 million, compared with a profit of $319 million in the year-ago period. Revenue declined from $3.60 billion to $3.52 billion. The results came in below Wall Street expectations.
Dish said it lost 19,000 TV subscribers in the latest period, ending September with a total subscriber base of 14.04 million. In the year-ago period, the company had lost 111,000 subscribers.
"Our gross new subscriber activations continue to be negatively impacted by increased competitive pressures, including aggressive marketing and discounted promotional offers," the company said.