Dish Network stock fell on Monday after the group posted a surprise third-quarter loss. That’s not the only news: the satellite television provider is also selling off assets in Puerto Rico and the U.S. Virgin Islands.
Dish reported a loss of 26 cents a share on revenue of $3.7 billion in the third quarter, a disappointing result, with analysts surveyed by FactSet expecting a profit of 11 cents a share on revenue of more than $3.8 billion.Investors have more than the poor earnings to mull over. Dish also announced Monday that it was selling its spectrum assets and some 120,000 prepaid mobile subscribers in Puerto Rico and the U.S. Virgin Islands to Liberty Latin America .
“This transaction will enhance competition within the wireless market in Puerto Rico and the USVI, while providing DISH with additional capital to focus on our wireless business in the United States,” said Tom Cullen, Dish’s executive vice president of corporate development. The deal, worth some $256 million, consists of cash and international roaming credits and is expected to close next year. Shares in Liberty Latin America advanced 1% in premarket trading.
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