The recent reorganization of the Dish Networks corporate structure raised interest in Dish’s spectrum portfolio. Analysts sought to understand the value of this portfolio in potential asset divestment or as collateral for new debt (see here). In a our new Insight Note, we take a deep dive into the AWS band spectrum holdings of Dish. These holdings combine three bands which include AWS-3, AWS-4 and the H Block spectrum. Dish acquired this spectrum over the course of several years in the early to mid 2010’s, and had to work with the FCC and 3GPP to make it suitable for mobile services. The Insight Note, which you can download below, shows that the spectrum holdings of Dish in each of these bands standing alone is of low value for use in mobile communications. However, the value of the spectrum is significantly higher when combined. In effect, Dish combined low value, low cost spectrum into a more productive asset that has greater utility and value.
Some of the key takeaways that the Note shows:
- Dish acquired spectrum in AWS-3, AWS-4 and H block at lower prices than spectrum used by the incumbent mobile network operators.
- Dish’s assets in AWS-3, AWS-4 and H block are far less valuable as standalone spectrum products than in aggregate.
- Any potential acquirer of spectrum would need to acquire all three bands to make effective use of the spectrum.
Dish holds multiple spectrum bands which we have analyzed. The Note covers only part of Dish’s holdings which additionally include 600 MHz, 700 MHz, 3.45 GHz, CBRS, and millimeter wave bands.
Announcement: We published a report that provides great details into Dish Network spectrum Holdings. This is in addition to the Insight Note that focuses on the AWS-4/AWS-3 and H Block spectrum assets of Dish. For additional information on the report: click here.