Gray Media announced that it has removed 226 local television channels from the DISH TV lineup in 113 markets, a move that took effect on March 10, 2026. The blackout includes major networks such as ABC, CBS, FOX, NBC, CW, MyNetworkTV, and Telemundo, cutting local news, sports, and weather programming from EchoStar’s 7.00 million pay‑TV subscribers and 7.51 million retail wireless subscribers.
EchoStar’s Q4 2025 financial results show a net loss of $14.5 billion, driven largely by $17.6 billion in non‑cash asset impairments. Total revenue fell to $15.0 billion from $15.83 billion in 2024. Subscriber numbers declined across all segments: pay‑TV subscribers dropped by 168,000, wireless subscribers fell by 9,000, and broadband subscribers decreased by 44,000, all improvements over the prior‑year declines. The blackout adds a new source of subscriber dissatisfaction that could accelerate churn and further pressure EchoStar’s already strained financial position.
Gray Media’s 2025 annual report shows total revenue of $3.095 billion, a 15% drop from 2024, and a net loss of $85 million. Retransmission consent fees, a key revenue driver, fell from $1.53 billion in 2023 to $1.50 billion in 2024. Gray Media argues that Dish demanded a materially adverse provision that violated the good‑faith negotiation requirement, and it has historically maintained that it has never had its signals dropped by a satellite provider.
The blackout is part of a broader trend of carriage disputes in the pay‑TV industry, as streaming services erode traditional viewership and broadcasters seek higher retransmission fees. The dispute highlights the tension between content owners and distributors in a market where local programming is increasingly available over the air or via streaming platforms.
The removal of local channels could accelerate subscriber churn, reduce the breadth of local content available to EchoStar customers, and pressure the company’s advertising revenue. EchoStar’s financial struggles—large impairments, declining subscriber bases, and a significant net loss—amplify the potential impact of the blackout on its profitability and market position. Gray Media’s declining revenue and retransmission fee income may affect its leverage in future negotiations.
Kevin Covell, Senior Vice President of DISH Video Services, said, "It is deeply disappointing that Gray Media is using its viewers as bargaining chips. We offered a fair agreement to keep these stations on the air, but Gray Media walked away. Gray Media chose to black out their own viewers, rather than reasonably negotiate, in an attempt to extract significantly higher fees."
The blackout is a material event that could influence EchoStar’s financial performance and subscriber base, and it underscores the ongoing friction between broadcasters and pay‑TV providers in a rapidly changing media landscape.
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