Dish Network Corp. (NASDAQ: DISH), the satellite TV provider, said Wednesday its subsidiary plans to launch a $1 billion debt offering.
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The subsidiary, Dish DBS, will use the proceeds of the offering for general corporate purposes, the company said.
Dish Network said Monday that its second-quarter profit fell 81 percent on TiVo Inc. (NASDAQ: TIVO) litigation costs and increasing expenses, but the nation's second largest satellite TV provider managed to add subscribers and maintain revenue.
The company's low-cost provider approach has been weakened by competitors' aggressive promotional pricing. Signal theft and other types of fraud have also hurt the company, it said.
Earlier this month, DirecTV Group Inc., the nation's largest satellite TV operator, also reported a drop in profit as higher customer-acquisition costs offset revenue growth.
Shares of Dish Network are up 67 percent for the year and fell 34 cents to $18.19 in Wednesday morning trading.
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