Dish Network 2013 Annual Report Download - page 46

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We may pursue acquisitions and other strategic transactions to complement or expand our businesses that may
not be successful and we may lose up to the entire value of our investment in these acquisitions and transactions.
Our future success may depend on opportunities to buy other businesses or technologies that could complement,
enhance or expand our current businesses or products or that might otherwise offer us growth opportunities. To
pursue this strategy successfully, we must identify attractive acquisition or investment opportunities and
successfully complete transactions, some of which may be large and complex. We may not be able to identify or
complete attractive acquisition or investment opportunities due to, among other things, the intense competition for
these transactions. If we are not able to identify and complete such acquisition or investment opportunities, our
future results of operations and financial condition may be adversely affected.
We may be unable to obtain in the anticipated timeframe, or at all, any regulatory approvals required to complete
proposed acquisitions and other strategic transactions. Furthermore, the conditions imposed for obtaining any
necessary approvals could delay the completion of such transactions for a significant period of time or prevent them
from occurring at all. We may not be able to complete such transactions and such transactions, if executed, pose
significant risks and could have a negative effect on our operations. Any transactions that we are able to identify
and complete may involve a number of risks, including:
x the diversion of our management’s attention from our existing businesses to integrate the
operations and personnel of the acquired or combined business or joint venture;
x possible adverse effects on our operating results during the integration process;
x a high degree of risk inherent in these transactions, which could become substantial over time, and
higher exposure to significant financial losses if the underlying ventures are not successful;
x our possible inability to achieve the intended objectives of the transaction; and
x the risks associated with complying with regulations applicable to the acquired business, which
may cause us to incur substantial expenses.
In addition, we may not be able to successfully or profitably integrate, operate, maintain and manage our newly
acquired operations or employees. We may not be able to maintain uniform standards, controls, procedures and
policies, and this may lead to operational inefficiencies. In addition, the integration process may strain our financial
and managerial controls and reporting systems and procedures.
New acquisitions, joint ventures and other transactions may require the commitment of significant capital that would
otherwise be directed to investments in our existing businesses. To pursue acquisitions and other strategic
transactions, we may need to raise additional capital in the future, which may not be available on acceptable terms or
at all.
In addition to committing capital to complete the acquisitions, substantial capital may be required to operate the
acquired businesses following their acquisition. These acquisitions may result in significant financial losses if the
intended objectives of the transactions are not achieved. Some of the businesses acquired by us have experienced
significant operating and financial challenges in their recent history, which in some cases resulted in these
businesses commencing bankruptcy proceedings prior to our acquisition. We may acquire similar businesses in the
future. There is no assurance that we will be able to successfully address the challenges and risks encountered by
these businesses following their acquisition. If we are unable to successfully address these challenges and risks, our
business, financial condition and/or results of operations may suffer.