Core Viewpoint - Gray Media has blacked out 226 local channels from the DISH TV lineup, affecting customers nationwide due to a dispute over retransmission consent fee increases [1] Group 1: Company Actions - Gray Media disconnected its local stations after DISH refused to accept significant rate increases that would raise monthly bills for consumers [1] - The blackout affects 226 local stations across 113 markets in the U.S., disrupting access to local news, sports, and weather for millions of viewers [1] Group 2: DISH's Position - DISH is committed to keeping monthly costs stable and is resisting unreasonable rate hikes for content that is often available for free [1] - The company remains willing to negotiate and restore the channels if Gray Media agrees to a fair, market-based deal [1] Group 3: Customer Impact and Alternatives - DISH customers can access local programming through various alternatives during the blackout, including streaming options and over-the-air antennas [1] - DISH encourages customers to visit DISHPromise.com for updates and information on accessing local channels [1]

Q4 2025 Earnings March 2, 2026 Important Information Caution Concerning Forward-Looking Statements All statements we make during this call, other than statements of historical fact, constitute forward-looking statements made pursuant to the Safe Harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to be materially different from historical results and from ...

Group 1: IPO and Market Valuation - 2026 is anticipated to be a significant year for initial public offerings (IPOs), with AI companies OpenAI and Anthropic, as well as SpaceX, considering public market debuts [1] - The merger between SpaceX and xAI was reportedly valued at $1.25 trillion, with SpaceX at $1 trillion and xAI at $250 billion, while the upcoming IPO aims for a $1.5 trillion valuation [2] Group 2: Investment Opportunities - Investors can gain exposure to SpaceX through EchoStar, which is considered the best way to concentrate a bet on SpaceX's success [5] - EchoStar's stock has quadrupled in value following the sale of valuable wireless spectrum assets, including a $22.65 billion sale to AT&T and a $19 billion sale to SpaceX, with part of the latter transaction involving $8.5 billion in SpaceX stock [8] Group 3: Company Transformation - EchoStar was previously viewed as a struggling mid-cap telecom company but transformed significantly after selling its spectrum assets [6][7] - Although EchoStar has sold most of its spectrum, it still possesses additional spectrum that may attract aggressive bids from potential buyers [9]

Transactions and Spectrum - EchoStar received $22.65 billion from AT&T for 3.45 GHz and 600 MHz spectrum licenses [14] - AT&T can immediately access the 3.45 GHz spectrum [14] - EchoStar received $17 billion from SpaceX for AWS-4 and H-block spectrum licenses, with $8.5 billion paid in equity [14] - SpaceX will develop next-generation Starlink Direct-to-Cell satellites, benefiting Boost Mobile [14] - EchoStar maintains approximately 45 MHz of valuable spectrum after the AT&T and SpaceX transactions [27] Subscriber Base and Revenue - The company has a scaled subscriber base across brands, including DISH TV, SLING TV, Wireless, and Hughes [19, 20] - The company's revenue for the last twelve months (LTM) is $15.5 billion [25] - DISH TV has 0.8 million subscribers [21] - SLING TV has 7.4 million subscribers [21] - Wireless has 15.3 million subscribers [21] Assets and Debt - The company has $11.9 billion in DDBS assets [29] - The company has $1.5 billion in HSSC assets [29] - The company's pro forma debt is $11.4 billion [29] Business Strategy - Boost Mobile aims to bridge the digital divide through innovative products and platforms [36] - Hughes has approximately $1.8 billion in backlog [56]