Dish Network shares dropped Wednesday after the company said in an SEC filing that a subsidiary of AT&T was requiring the satellite TV company to repurchase $500 million in 3% convertible subordinated notes. Dish says it has sufficient cash or cash equivalents to cover the cost. But Wall Street traders were dismayed because the buyback seemed to end hopes that AT&T would try to buy Dish to power its efforts to compete with cable TV.
Sign up for free to get:
The Daily Intelligence Report delivered to your inbox.
RBR+TVBR delivers complete broadcasting news analysis and our famous observations.