DISH Network Corp (NASDAQ:DISH) Files Complaint

Posted by Chris Bell October 28, 2013 0 Comment 1288 views

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.

Friday’s trading

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.

About Chris Bell

Chris Bell is an investing reporter for GDP Insider. Chris covers financial markets and Wall Street, concentrating on developments affecting individual investors and their portfolios. Chris is also over consumer reporter and covers a wide variety of issues ranging from housing to immigration to urban poverty. Chris graduated from the University of Scranton with a degree in Communication and Philosophy. Chris's diligent investigations earned him the honor of being named "Best Reporter" once by the Headliners Foundation of Texas and once by the Houston Press Club.

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