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Dish – low investment in subs, broadband suggests deal is near

We’re not sure why we see Dish Network in such a dim light – it is a satellite TV direct to home company, it has big repeat revenues, which are falling but only slightly; it has predictable fixed costs, some leases on satellites in the air, and predictable costs for adding each new subscriber. Okay it has a rising cost of programming, but on the reverse it has an advanced experiment in OTT services and a speculative position in wireless and spectrum. Most investors love it for all of those reasons above, but we continue to see it as the poor man’s DirecTV, weaker on content and on execution, service, delivery, infrastructure and partners. And we can only see the…

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