DISH Network Corp (NASDAQ:DISH) Files Complaint
DISH Network Corp (NASDAQ:DISH) has accused Media general of not carrying out negotiations in good faith in connection with TV-channel retransmission fees. The company is objecting to the proposed merger of Media General and New Young Broadcasting. In its complaint to the Federal Communications Commission, DISH Network Corp (NASDAQ:DISH) said that Media General is trying to expand its rights to retransmission, to New Young Broadcasting, the Nashville-based company, before the deal reaches completion. Media General and the Nashville Company had announced their merger plans in June. On 1 October, Media General blocked the programming to DISH Network Corp (NASDAQ:DISH)’s customers across 17 markets post expiry of the retransmission contract. The companies had also been unsuccessful in reaching an agreement. On 18 October, DISH Network Corp (NASDAQ:DISH) sought FCC intervention and said that Media General will have to negotiate immediately. The company claimed that Media General had not responded for 11 days to the pre-blackout offer that had been put forth by them.
Media General took a completely opposite stand and said that DISH Network Corp (NASDAQ:DISH) had simply concocted this dispute for their own purposes instead of paying them a market based rate that would be fair value for their stations.
In Friday’s trading, DISH Network Corp (NASDAQ:DISH) dropped by 1.24%. The opening price of the shares was $48.73, which climbed to an intraday high of $49.45 and dipped to a close of $48.67. Approximately 2.33 million shares were traded on Friday while an average volume of 2.52million shares were traded over a 30 day period.
About the company
DISH Network Corp (NASDAQ:DISH) is a pay-TV provider. As of 21 December 2011, it has around 13.967 million customers in the United States. DISH Network Corp (NASDAQ:DISH) offers a variety of local & national programming, that features much more national & local HD channels than what pay-TV providers have.