Last week DISH made a move to sell its DISH Wireless Headquarters building to a company controlled by DISH’s majority owner Charlie Ergen. (Conx Corp. was created in 2022 by Ergen as a special purpose acquisition vehicle according to a report from 9News Denver.) This move will put $26.75 million into DISH and its wireless operations as it tries to find the money needed to finish building out its 5G network and avoid bankruptcy.
DISH has been struggling financially for some time now. Recently, it merged with EchoStar in an effort to address these issues but, according to an SEC filing last March, DISH will use a “substantial amount of cash” in the next 12 months. It “raises substantial doubt about [the company’s] ability to continue as a going [sic] concern,” EchoStar said.
DISH also raised serious “substantial doubt” about the company’s ability to continue. According to MoffettNathanson analyst Craig Moffett, DISH’s pay-TV service and mobile business are also “spiraling towards bankruptcy.”
To address this, DISH’s CEO said the company is actively looking for new investors. Many wonder if bankruptcy could be an option if DISH is unable to find enough capital. Selling its office is one way it can get funding to help the company.
DISH continues to see subscriber numbers decline in both its core satellite TV service and Sling TV streaming platform. The company lost a total of 348,000 TV subscribers in the first quarter of this year, leaving it with 8.178 million TV subscribers. Sling TV, DISH’s streaming service, lost roughly 135,000 subscribers. DISH TV also lost 213,000 subscribers. This is an improvement from the same period last year when the company lost 552,000 TV customers.
DISH needs an additional $3 billion to finish its 5G network buildout. But the question is can DISH finish its 5G network buildout before it faces bankruptcy?
Please follow us on Facebook and X for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.