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CEO Of Dish Network Parent EchoStar Gauges Bankruptcy Risk, DirecTV Merger Prospects After Company Posts Spotty Q1 Results And Stock Falls
Shares in Dish Network parent EchoStar fell 11% after the company's lackluster first-quarter earnings report and anxiety about its finances.
Hamid Akhavan, the head of EchoStar since March 2022 who added the CEO duties at Dish last November as the companies were getting set to close their merger, presided over a call with Wall Street analysts. Debt repayments of about $3 billion due this year exceed the company’s cash on hand, and execs have been scrambling to secure more time and access to additional funds. Akhavan was asked for his current thoughts about Ergen’s pronouncements in past years that a merger between Dish and satellite rival DirecTV is “inevitable” as both feel the effects of broader industry cord-cutting.
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