NEW YORK (TheStreet) -- Dish Network (DISH) - Get DISH Network Corporation Class A Report shares are rebounding, up 0.92% to $58.37, in afternoon trading on Wednesday after the Federal Communications Commission called for an emergency meeting with the company and SinclairBroadcast Group (SBGI) - Get Sinclair Broadcast Group, Inc. Class A Report over the companies' contract dispute.

Sinclair has pulled 129 local television stations from Dish Network customers' airwaves across 79 TV markets in 36 states and the District of Columbia in what is the largest television blackout in U.S. history.

"We will not stand idly by while millions of consumers in 79 markets across the country are being denied access to local programming," said FCC chairman Tom Wheeler, according to Reuters. "The commission will always act within the scope of its authority if it emerges that improper conduct is preventing a commercial resolution of the dispute."

Today the two companies released conflicting statements, each blaming the other for the conflict.

"We have agreed to rates and all terms to carry Sinclair's local stations. But Sinclair is blacking out 129 local stations in an effort to negotiate a carriage agreement for an unrelated cable channel that it hopes to acquire, but does not own today," said Dish senior executive VP of programming Warren Schlichting.

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"Dish, which is reported to have engaged in more recent station blackouts than any other MVPD, is simply trying to spin the facts in an apparent effort to make a political statement. While Sinclair, unlike Dish, is not interested in negotiating this transaction in the press, Sinclair remains willing to negotiate a fair deal with Dish," replied Sinclair executive VP Barry Faber.

TheStreet Ratings team rates DISH NETWORK CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate DISH NETWORK CORP (DISH) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, good cash flow from operations and notable return on equity. We feel its strengths outweigh the fact that the company shows low profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

  • DISH NETWORK CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, DISH NETWORK CORP increased its bottom line by earning $2.03 versus $1.86 in the prior year. This year, the market expects an improvement in earnings ($2.22 versus $2.03).
  • The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Media industry. The net income increased by 52.1% when compared to the same quarter one year prior, rising from $213.31 million to $324.42 million.
  • Despite its growing revenue, the company underperformed as compared with the industry average of 6.6%. Since the same quarter one year prior, revenues slightly increased by 3.9%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • Net operating cash flow has increased to $557.56 million or 16.04% when compared to the same quarter last year. In addition, DISH NETWORK CORP has also modestly surpassed the industry average cash flow growth rate of 7.93%.
  • Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. This is a signal of major weakness within the corporation. Compared to other companies in the Media industry and the overall market, DISH NETWORK CORP's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • You can view the full analysis from the report here: DISH Ratings Report