July 1, 2008 2:53 PM
DISHwhacked
A couple of weeks ago, I wrote this post about DISH Network and whether AT&T's decision to cash in a convertible note was a precursor to a termination of their services-selling arrangement.
My point: Whether it was a bad sign for the relationship or not, there were economic reasons for AT&T's decision.
Well. DISH just revealed that AT&T has told them their agreement will expire, after all. DISH stock is already sliding in after-market trading on the news.
Here's the succinct disclosure:
Item 8.01Other Events
On June 30, 2008, DISH Network L.L.C. ("DISH Network") received a notice of termination from AT&T Inc. ("AT&T") under the Commercial Agreement (the "Commercial Agreement"), dated as of July 20, 2003, as amended, between AT&T and DISH Network. The Commercial Agreement governs the commercial relationship between AT&T and DISH Network pursuant to which AT&T markets DISH Network programming services. As a result of the notice from AT&T, the Commercial Agreement will terminate on December 31, 2008.
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