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ANNUAL REPORT •YEAR ENDING DECEMBER 31, 2012
WATCH
EVERYTHING
GO ANYWHERE

Table of contents

  • Page 1
    WATCH EVERYTHING GO ANYWHERE ANNUAL REPORT • YEAR ENDING DECEMBER 31, 2012

  • Page 2
    ... with other wireless providers. The convergence of wireless, video, data and voice on fixed and mobile platforms is inevitable. Customers expect it. And, they will demand it. As we continue to transform DISH, we see the opportunity to provide all of those communications and entertainment services to...

  • Page 3
    ... YEAR ENDED DECEMBER 31, 2012 OR Â... TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____. Commission file number: 0-26176 DISH Network Corporation (Exact name of registrant as specified in its charter) Nevada (State...

  • Page 4
    ... About Market Risk...Financial Statements and Supplementary Data...Changes in and Disagreements With Accountants on Accounting and Financial Disclosure...Controls and Procedures...Other Information...PART III Item 10. Item 11. Item 12. Item 13. Item 14. Directors, Executive Officers and Corporate...

  • Page 5
    ...upgrade existing subscribers with more advanced equipment could cause our products and services to become obsolete. We rely on a single vendor or a limited number of vendors to provide certain key products or services to us such as information technology support, billing systems, and security access...

  • Page 6
    ... services. x High-Quality Products. We offer a wide selection of local and national programming, featuring more national and local HD channels than most pay-TV providers. We have been a technology leader in our industry, introducing award-winning DVRs, dual tuner receivers, 1080p video on demand...

  • Page 7
    ... rate per subscriber on a monthly basis. Currently, we generally utilize our existing DISH distribution channels under similar incentive arrangements as our pay-TV business to acquire new broadband subscribers. In addition to the dishNET branded satellite broadband service, we also offer wireline...

  • Page 8
    ... companies have upgraded older copper wire lines with fiber optic lines in certain markets. These fiber optic lines provide high capacity bandwidth, enabling telecommunications companies to offer video content that can be bundled with their broadband Internet access and voice services...

  • Page 9
    ... terminate. New Business Opportunities From time to time we evaluate opportunities for strategic investments or acquisitions that may complement our current services and products, enhance our technical capabilities, improve or sustain our competitive position, or otherwise offer growth opportunities...

  • Page 10
    ... 15 of this Annual Report on Form 10-K for further discussion of our Related Party Transactions with EchoStar. (2) During the fourth quarter 2012, the estimated useful life of these satellites was extended from 12 years to 15 years on a prospective basis based on management's assessment of, among...

  • Page 11
    ... of operations. Furthermore, the adoption or modification of laws or regulations relating to video programming, satellite services, wireless telecommunications, broadband, the Internet or other areas of our business could limit or otherwise adversely affect the manner in which we currently conduct...

  • Page 12
    ... us to increase the number of markets where we provide local channels, but reduces the number of video channels that could otherwise be offered across the entire United States. The FCC has licensed us to operate a total of 50 DBS frequency channels at the following orbital locations: x x 21 DBS...

  • Page 13
    ... are charged for retransmitting local channels have been increasing. We may be unable to pass these increased programming costs on to our customers, which could have a material adverse effect on our financial condition and results of operations. The FCC is currently considering changes to its rules...

  • Page 14
    ...with our wireless business, and may have a material adverse effect on our ability to commercialize these licenses. The new rules also mandate certain interim and final build-out requirements for the licenses. By March 2017, we must provide terrestrial signal coverage and offer terrestrial service to...

  • Page 15
    ...from the United States government to receive and deliver certain components of direct-to-home satellite television systems. In addition, the delivery of satellites and the supply of certain related ground control equipment, technical services and data, and satellite communication/control services to...

  • Page 16
    ...and Chief Financial Officer has served on the Board of Directors of EchoStar since March 2009. Mr. Dodge also served as EchoStar's Executive Vice President, General Counsel and Secretary from October 2007 to November 2011 pursuant to a management services agreement between DISH Network and EchoStar...

  • Page 17
    ...pay-TV services, and we face competition from providers of digital media, including companies that offer online services distributing movies, television shows and other video programming. Moreover, new technologies have been, and will likely continue to be, developed that further increase the number...

  • Page 18
    ... installation of more HD and DVR receivers, which are generally more expensive than other receivers. Meanwhile, retention costs may be driven higher by increased upgrades of existing subscribers' equipment to HD and DVR receivers. Additionally, certain of our promotions, including, among others, pay...

  • Page 19
    ...pay-TV providers. Other pay-TV providers may have more successfully marketed and promoted their HD programming packages and value-added services and may also be better equipped and have greater resources to increase their HD offerings and value-added services to respond to increasing consumer demand...

  • Page 20
    ... on our business. EchoStar relies on a few suppliers and in some cases a single supplier, for many components of our new set-top boxes that we provide to subscribers in order to deliver our digital television services. Our ability to meet customer demand depends, in part, on EchoStar's ability to...

  • Page 21
    ... and leased satellites are subject to construction, launch, operational and environmental risks that could limit our ability to utilize these satellites. Construction and launch risks. A key component of our business strategy is our ability to expand our offering of new programming and services. To...

  • Page 22
    ... we provide EchoStar with certain management, administrative, accounting, tax, legal and other services, for which EchoStar pays us our cost plus a fixed margin. In addition, we have entered into a number of intercompany agreements covering matters such as tax sharing and EchoStar's responsibility...

  • Page 23
    ... growth rates, leading to increased competition for customers. As the industry matures, competitors increasingly must seek to attract a greater proportion of new subscribers from each other's existing subscriber bases rather than from first-time purchasers of wireless services. In addition, the cost...

  • Page 24
    ... charge may differ from our estimates. As of December 31, 2012, Blockbuster UK had total assets and liabilities as follows (in thousands): Cash...Trade accounts receivable...Inventory...Other current assets...Restricted cash and marketable securities...Property and equipment...Trade accounts...

  • Page 25
    ... and strategic business development opportunities. A portion of our investment portfolio is invested in securities that have experienced limited or no liquidity and may not be immediately accessible to support our financing needs, including investments in public companies that are highly speculative...

  • Page 26
    ... over networks owned by broadband and wireless Internet providers. For more information, see "Item 1. Business - Government Regulations - FCC Regulations Governing our DBS Operations - Net Neutrality" of this Annual Report on Form 10-K. Changes in the Cable Act, and/or the FCC's rules that implement...

  • Page 27
    ... of operations. Furthermore, the adoption or modification of laws or regulations relating to video programming, satellite services, wireless communications, broadband, the Internet or other areas of our business could limit or otherwise adversely affect the manner in which we currently conduct...

  • Page 28
    ... or damages. Channel Bundling Class Action X X X X X X X X X X X X X Description/Use/Location Segment(s) Using Property Owned Corporate headquarters, Englewood, Colorado...DISH/Blockbuster Customer call center and general offices, Pine Brook, New Jersey...DISH Customer call center and general...

  • Page 29
    ... feature, commercial-free, if played back the next day after the show's original airing. Later on May 24, 2012, (i) Fox Broadcasting Company, Twentieth Century Fox Film Corp. and Fox Television Holdings, Inc. filed a lawsuit against us and DISH Network L.L.C. in the United States District Court...

  • Page 30
    ..., LLC, AT&T Services, Inc., Cox Communications, Inc., Disney Online, American Broadcasting Companies, Inc. and Yahoo! Inc. as defendants. Preservation Technologies alleges that our BLOCKBUSTER On Demand, DISH branded pay-TV and DISH Online services and our Hopper and Joeyâ„¢ set-top boxes infringe...

  • Page 31
    ... LLC ("Voom") filed a lawsuit against our wholly-owned subsidiary, DISH Network L.L.C., in New York Supreme Court, alleging breach of contract and other claims arising from our termination of the affiliation agreement governing carriage of certain Voom HD channels on the DISH branded payTV service...

  • Page 32
    ...31, 2012. Total Number of Maximum Approximate Shares Purchased Dollar Value of Shares as Part of Publicly that May Yet be Announced Plans Purchased Under the or Programs Plans or Programs (1) thousands, except share data) $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 Market Price of and Dividends...

  • Page 33
    ... our DISH branded pay-TV service, to offer customers a single bill, payment and customer service option, which includes a discount for bundled services. In addition, we market and sell our dishNET branded services on a stand-alone basis. Statements of Operations Data Total revenue...Total costs and...

  • Page 34
    ... high-quality video entertainment to consumers. We are promoting our new Blockbuster offerings including the Blockbuster@Homeâ„¢ service which provides movies, games and TV shows through Internet streaming, mail and in-store exchanges and online. This offering is only available to DISH subscribers...

  • Page 35
    ... charge may differ from our estimates. As of December 31, 2012, Blockbuster UK had total assets and liabilities as follows (in thousands): Cash...Trade accounts receivable...Inventory...Other current assets...Restricted cash and marketable securities...Property and equipment...Trade accounts...

  • Page 36
    ...with our wireless business, and may have a material adverse effect on our ability to commercialize these licenses. The new rules also mandate certain interim and final build-out requirements for the licenses. By March 2017, we must provide terrestrial signal coverage and offer terrestrial service to...

  • Page 37
    ... purchases or revenue sharing to studios, packaging and online delivery costs and cost of merchandise sold including movies, video games and other items related to our Blockbuster operations are included in this category. In addition, "Cost of sales - equipment, merchandise, services, rental and...

  • Page 38
    ... OF OPERATIONS Year Ended December 31, 2012 Compared to the Year Ended December 31, 2011. Statements of Operations Data Revenue: Subscriber-related revenue...Equipment and merchandise sales, rental and other revenue...Equipment sales, services and other revenue - EchoStar...Total revenue...Costs and...

  • Page 39
    ... previous year of rental title purchases or revenue sharing to studios, packaging and on-line delivery costs as well as the cost of merchandise sold such as movies, video games and other items related to our Blockbuster operations. In addition, our "Cost of sales - equipment, merchandise, services...

  • Page 40
    ... that returned lease equipment. Our Pay-TV SAC calculation does not reflect any benefit from payments we received in connection with equipment not returned to us from disconnecting lease subscribers and returned equipment that is made available for sale or used in our existing customer lease program...

  • Page 41
    ... to DISH Network...$ 636,687 $ 1,515,907 Statements of Operations Data Revenue: Subscriber-related revenue...Equipment and merchandise sales, rental and other revenue...Equipment sales, services and other revenue - EchoStar...Total revenue...Costs and Expenses: Subscriber-related expenses...

  • Page 42
    ...-TV subscribers acquired in past quarters, our ability to provide outstanding customer service, and our ability to control piracy. Subscriber-related revenue. DISH "Subscriber-related revenue" totaled $12.976 billion for the year ended December 31, 2011, an increase of $432 million or 3.4% compared...

  • Page 43
    ...is useful in addition to the most directly comparable GAAP measure "Net cash flows from operating activities." During the years ended December 31, 2012, 2011 and 2010, free cash flow was significantly impacted by changes in operating assets and liabilities and in "Purchases of property and equipment...

  • Page 44
    ... shares of our Class A common stock for $107 million in the aggregate. Subscriber Acquisition and Retention Costs We incur significant upfront costs to acquire subscribers, including advertising, retailer incentives, equipment subsidies, installation services, and new customer promotions. While...

  • Page 45
    ... our existing customers, mostly by upgrading their equipment to HD and DVR receivers. As with our subscriber acquisition costs, our retention spending includes the cost of equipment and installation services. In certain circumstances, we also offer free programming and/or promotional pricing for...

  • Page 46
    ... future working capital and capital expenditure needs varies, depending on, among other things, the rate at which we acquire new subscribers and the cost of subscriber acquisition and retention, including capitalized costs associated with our new and existing subscriber equipment lease programs. The...

  • Page 47
    ... 15 of this Annual Report on Form 10-K. x Capitalized satellite receivers. Since we retain ownership of certain equipment provided pursuant to our subscriber equipment lease programs, we capitalize and depreciate equipment costs that would otherwise be expensed at the time of sale. Such capitalized...

  • Page 48
    ... rate than the second and third quarter. However, we cannot provide assurance that this will continue in the future. Inflation Inflation has not materially affected our operations during the past three years. We believe that our ability to increase the prices charged for our products and services...

  • Page 49
    ... businesses. The effectiveness of our internal control over financial reporting as of December 31, 2012 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report which appears in Item 15(a) of this Annual Report on Form 10-K. Item 9B. OTHER INFORMATION...

  • Page 50
    ... Exhibit 4.1 to the Current Report on Form 8-K of DISH Network Corporation filed October 18, 2006, Commission File No. 0-26176). The information required by this Item will be set forth in our Proxy Statement for the 2013 Annual Meeting of Shareholders which information is hereby incorporated herein...

  • Page 51
    ...Company, Inc. (incorporated by reference from Exhibit 4.2 to the Current Report on Form 8-K of DISH Network Corporation filed May 5, 2011, Commission File No. 000-26176). 10.2* Satellite Service Agreement, dated as of March 21, 2003, between SES Americom, Inc., DISH Network L.L.C. and DISH Network...

  • Page 52
    ... 10.24 to the Annual Report on Form 10-K of DISH Network Corporation for the year ended December 31, 2004, Commission File No. 0-26176). **** Amendment No. 5 to Satellite Service Agreement, dated November 19, 2004, between SES Americom, Inc. and DISH Network Corporation (incorporated by reference to...

  • Page 53
    ...-Term Incentive Plan dated November 30, 2012 (incorporated by reference to the Current Report on Form 8-K of DISH Network Corporation filed December 6, 2012, Commission File No. 000-26176).** Amendment to EchoStar XVI Satellite Capacity Agreement between EchoStar Satellite Services L.L.C. and DISH...

  • Page 54
    ...*** Section 906 Certification of Chief Financial Officer. The following materials from the Annual Report on Form 10-K of DISH Network Corporation for the year ended December 31, 2012, filed on February 20, 2013, formatted in eXtensible Business Reporting Language ("XBRL"): (i) Consolidated Balance...

  • Page 55
    ...: Report of KPMG LLP, Independent Registered Public Accounting Firm...Consolidated Balance Sheets at December 31, 2012 and 2011 ...Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2012, 2011 and 2010...Consolidated Statements of Changes in...

  • Page 56
    ... and an opinion on DISH Network Corporation's internal control over financial reporting based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits...

  • Page 57
    ...DISH NETWORK CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Dollars in thousands, except per share amounts) For the Years Ended December 31, 2012 2011 2010 Revenue: Subscriber-related revenue...$ 13,085,910 Equipment and merchandise sales, rental and other revenue...

  • Page 58
    ... available-for-sale securities, net...Foreign currency translation...Cash dividend on Class A and Class B common stock ($2.00 per share)...Acquisition of noncontrolling interest in subsidiary...Net income (loss) attributable to noncontrolling interest...Net income (loss) attributable to DISH Network...

  • Page 59
    ... satellites, receiver systems, third-party broadcast operations, customer service facilities, a leased fiber network, in-home service and call center operations, and certain other assets utilized in our operations. In addition, we market broadband services under the dishNETâ„¢ brand. x Blockbuster...

  • Page 60
    ... the price of each security, and any market and company specific factors related to each security. DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued Blockbuster Merchandise Inventory Our merchandise inventory consists primarily of new and traded movies and video games...

  • Page 61
    ... to programming offerings from such satellites, the direct operating and subscriber acquisition costs related to such programming, and future capital costs for replacement satellites. Projected revenue and cost amounts include projected subscribers. In conducting our annual impairment test in 2012...

  • Page 62
    ... related equipment pursuant to our subscriber acquisition promotions are not recognized as revenue. Advertising Costs Our advertising costs associated with acquiring new Pay-TV and broadband subscribers and Blockbuster customers are expensed as incurred. During the years ended December 31, 2012...

  • Page 63
    DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued Equipment Lease Programs Pay-TV subscribers have the choice of leasing or purchasing the satellite receiver and other equipment necessary to receive our pay-TV service. Most of our new Pay-TV subscribers choose to lease ...

  • Page 64
    ...cost method (2)...Investment in DBSD North America...Total other investment se curities...83,044 $ 160,555 360,052 911,138 1,431,745 65,843 109,327 1,606,915 66,592 Our current strategic marketable investment securities include strategic and financial investments in public companies that are highly...

  • Page 65
    ..., to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them we will not be able to obtain fair value for them. DISH NETWORK CORPORATION NOTES TO...

  • Page 66
    DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued Marketable Investment Securities in a Loss Position The following table reflects the length of time that the individual securities, accounted for as available-for-sale, have been in an unrealized loss position, ...

  • Page 67
    .... Cost of sales and operating expense categories included in our accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) do not include depreciation expense related to satellites or equipment leased to customers. Depreciable Life (In Years) As of December 31, 2012 2011...

  • Page 68
    ... the economic life or the term of the satellite agreement. Degree Orbital Location 77 119 110 110 119 61.5 Estimated Useful Life (Years) 12 15 15 15 15 15 DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued Recent Developments Recent developments with respect to certain...

  • Page 69
    ... 15 years or impact commercial operation of the satellite, there can be no assurance that future anomalies will not reduce its useful life or impact its commercial operation. DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued EchoStar XI. During the first quarter 2012...

  • Page 70
    ... the FCC of our plans to commence signal coverage in select cities within certain of these areas, but we have not yet developed plans for providing signal coverage and offering service in all of these areas. If we fail to meet the 700 MHz Interim Build-out Requirement, the term of our licenses will...

  • Page 71
    ... charge may differ from our estimates. As of December 31, 2012, Blockbuster UK had total assets and liabilities as follows (in thousands): Cash...Trade accounts receivable...Inventory...Other current assets...Restricted cash and marketable securities...Property and equipment...Trade accounts...

  • Page 72
    ...FCC authorizations...Current liabilities...Noncurrent liabilities...Total acquisition consideration... In the event of a change of control, as defined in the related indenture, we would be required to make an offer to repurchase all or any part of a holder's 7% Senior Notes at a purchase price equal...

  • Page 73
    ... of the collateral securing such indebtedness. x x x DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued enter into transactions with affiliates; merge or consolidate with another company; and transfer or sell assets. In the event of a change of control, as defined in...

  • Page 74
    ... of the collateral securing such indebtedness. DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued transfer or sell assets. In the event of a change of control, as defined in the related indenture, we would be required to make an offer to repurchase all or any part of...

  • Page 75
    ... into sale and leaseback transactions; enter into transactions with affiliates; merge or consolidate with another company; and transfer or sell assets. In the event of a change of control, as defined in the related indenture, we would be required to make an offer to repurchase all or any part of...

  • Page 76
    ...December 2008 and commenced commercial operation during February 2009. This satellite is accounted for as a capital lease and depreciated over the term of the satellite service agreement. We have leased 100% of the capacity on Ciel II for an initial 10 year term. As of December 31, 2012 and 2011, we...

  • Page 77
    ... year ended December 31, 2010, we repurchased 6.0 million shares of our Class A common stock for $107 million in the aggregate. Accounting for Uncertainty in Income Taxes In addition to filing federal income tax returns, we and one or more of our subsidiaries file income tax returns in all states...

  • Page 78
    ... Plans Employee Stock Purchase Plan Our employees participate in the DISH Network employee stock purchase plan (the "ESPP"), in which we are authorized to issue 1.8 million shares of Class A common stock. At December 31, 2012, we had 0.2 million shares of Class A common stock which remain available...

  • Page 79
    ... were issued by DISH Network or EchoStar. Accordingly, stock-based compensation that we expense with respect to EchoStar stock awards is included in "Additional paid-in capital" on our Consolidated Balance Sheets. Exercise prices for stock options outstanding and exercisable as of December 31, 2012...

  • Page 80
    DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued If all of the stock awards under the 2005 LTIP were vested and the goal had been met or if we had determined that achievement of the goal was probable during the year ended December 31, 2012, we would have recorded total...

  • Page 81
    ... next twelve months. Satellites Under Construction EchoStar XVIII. On September 7, 2012, we entered into a contract with SS/L for the construction of EchoStar XVIII, a DBS satellite designed with spot beam technology for advanced television services such as HD programming. This satellite is expected...

  • Page 82
    ...% of the geographic area in each area covered by DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued each individual license (the "700 MHz Interim Build-out Requirement"). By the end of our license term (June 2019), we must provide signal coverage and offer service to at...

  • Page 83
    ..., Cablevision, Cox, Charter, Time Warner, Inc., Time Warner Cable, NBCUniversal, Viacom, Fox Entertainment Group and Walt Disney Company. The suit alleges, among other things, that the defendants engaged in a conspiracy to provide customers with access only to bundled channel offerings as opposed to...

  • Page 84
    ... feature, commercial-free, if played back the next day after the show's original airing. Later on May 24, 2012, (i) Fox Broadcasting Company, Twentieth Century Fox Film Corp. and Fox Television Holdings, Inc. filed a lawsuit against us and DISH Network L.L.C. in the United States District Court...

  • Page 85
    ..., LLC, AT&T Services, Inc., Cox Communications, Inc., Disney Online, American Broadcasting Companies, Inc. and Yahoo! Inc. as defendants. Preservation Technologies alleges that our BLOCKBUSTER On Demand, DISH branded pay-TV and DISH Online services and our Hopper and Joeyâ„¢ set-top boxes infringe...

  • Page 86
    ... LLC ("Voom") filed a lawsuit against our wholly-owned subsidiary, DISH Network L.L.C., in New York Supreme Court, alleging breach of contract and other claims arising from our termination of the affiliation agreement governing carriage of certain Voom HD channels on the DISH branded payTV service...

  • Page 87
    ... leased satellites, receiver systems, third-party broadcast operations, customer service facilities, a leased fiber network, in-home service and call center operations, and certain other assets utilized in our operations. In addition, we market broadband services under the dishNET brand. Blockbuster...

  • Page 88
    ... may also terminate this agreement if certain entities acquire us. "Services and other revenue - EchoStar" March 31 Year ended December 31, 2012: Total revenue...$ 3,581,869 Operating income (loss)...572,411 Net income (loss)...360,126 Net income (loss) attributable to DISH Network...360,310 Basic...

  • Page 89
    DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued estimated percentages of time to be spent by our executive officers performing services for EchoStar under the Management Services Agreement. EchoStar also reimburses us for direct out-of-pocket costs incurred by us for ...

  • Page 90
    ... services for TerreStar's satellite gateway and associated ground infrastructure. These agreements generally may be terminated by us at any time for convenience. "Cost of sales - subscriber promotion subsidies - EchoStar" Receiver Agreement. EchoStar is currently our sole supplier of set-top box...

  • Page 91
    ...into an agreement with EchoStar pursuant to which we will receive, among other things, certain remote DVR management services. The fees for the services provided under this services agreement depend, among other things, upon the cost to develop and operate such services. This agreement has a term of...

  • Page 92
    ...Internet service (the "Service"). dishNET Satellite Broadband pays HNS a monthly per subscriber wholesale service fee for the Service based upon the subscriber's service level, and, beginning January 1, 2014, certain volume subscription thresholds. The Distribution Agreement has a term of five years...

  • Page 93
    ... of dividends and market capitalization weighting. We have included an industry peer group comprised of: AT&T Inc., Cablevision Systems Corporation, Comcast Corporation, DISH Network Corporation, The DirecTV Group, Inc., Time Warner Cable, Inc., and Verizon Communications. Although the companies...

  • Page 94
    ...Vice President and Chief Operating Officer Michael Kelly President, Blockbuster L.L.C. Roger J. Lynch Executive Vice President, Advanced Technologies Robert E. Olson Executive Vice President and Chief Financial Officer Shareholder Information Investor Relations Department DISH Network Corporation...

  • Page 95
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