The Street
The Street
  • 2 days ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why a huge TV merger is in trouble.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Inflation is the focus on this Wednesday.
00:06Consumer prices rose 0.2% in October as expected.
00:10Prices were up 2.6% from a year ago.
00:13Over half of that price gain is tied
00:15to housing costs, which jumped 4.9% over the past 12 months.
00:21Wall Street believes inflation is steady enough
00:23for the Federal Reserve to keep lowering interest rates.
00:28In other news, time is running out for the 8 million people
00:31who still use Dish TV and Sling TV as their video services.
00:36A deal that would have sold both units owned by EchoStar
00:39to satellite TV provider DirecTV could be ditched.
00:43Without the financial muscle of DirecTV,
00:45Dish and Sling won't have the money
00:47to keep up in the changing media landscape.
00:50The original acquisition plan announced in September
00:52was contingent upon Dish debt holders agreeing
00:55to a $1.5 billion cut to the value
00:57of their investment.
00:59A group of those debt holders, however,
01:01rejected a proposed offer on the table.
01:03DirecTV says that if those debt holders don't agree,
01:06it, quote, will have no choice but to terminate
01:09the acquisition of Dish by midnight on November 22nd.
01:13There were high hopes for the DirecTV-Dish merger,
01:16which would have created the largest paid TV
01:18company in the country with over 18 million subscribers.
01:22The combination would have given all the parties involved
01:24some heft at a time when traditional cable TV subscribers
01:28are fleeing for cheaper streaming services.
01:31Since 2016, DirecTV and Dish have seen 63%
01:35of their subscriber base disappear.
01:38Without DirecTV, Dish will have trouble going it alone
01:41as it is weighed down by over $20 billion of debt
01:45in a media world where content is costly
01:48and subscriber dollars are getting harder to come by.
01:51That'll do it for your daily briefing
01:53from the New York Stock Exchange.
01:54I'm Conway Gittins with The Street.

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