adminBy Will Feuer
Shares of Dish Network fell in premarket trading after the pay-TV provider and wireless carrier swung to a third-quarter loss and lost subscribers across both of its businesses.
The stock slipped 6% to $5.15 in the premarket session. Shares are already down almost 61% this year.
The company also said Chief Executive W. Erik Carlson will step down on Nov. 12. He will remain on the board as Dish looks to complete its deal to merge with EchoStar. Both companies are controlled by Chairman Charlie Ergen.
EchoStar CEO Hamid Akhavan will also have the title of Dish CEO on Nov. 13, pending approvals.
For the third quarter, Dish reported a loss of $139 million, or 26 cents a share, from a profit of $412 million, or 65 cents a share, in the same period a year earlier. Analysts surveyed by FactSet were expecting a profit of 11 cents a share.
The company also reported lower revenue, dragged down by subscriber declines across both its pay-TV and wireless businesses. To help fuel the build-out of its U.S. wireless network, Dish also struck a deal Monday to sell its spectrum assets in Puerto Rico and the U.S. Virgin Islands, as well as about 120,000 prepaid wireless subscribers in those markets, for $256 million and international roaming credits.
Write to Will Feuer at [email protected]
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