Public comments from most chief executives are so overwhelmed by positive spin that they are barely worth listening to. Not so at Dish Network, where CEO Charlie Ergen rides the straight-talk express.  Disk Network CEO Charlie Ergen  Consider last November, when addressing the online video threat that confronts subscription-TV firms such as Dish. He said: "My kids think I'm crazy for being in the pay-TV business because they don't pay for TV." He added: "If you started today," you might be better off "starting Netflix" than spending $3 billion to launch satellites, as Dish did.  Then in February, Mr. Ergen appeared to liken the pay-TV business's future to the phone business when wireless came along: "That was still a good business for another 10, 15 years but at some point, that wasn't a very good business."  Dish's bid for Blockbuster assets has to be seen in this context. Blockbuster's well-known brand name could make D  ish a more potent contender in online video, where it is competing with the likes of Netflix and Amazon.com.  Still, it is doubtful buying the Blockbuster assets would be enough to reinvent Dish. Dish also has acquired valuable wireless spectrum and plans to buy satellite communications firm DBSD for $1 billion.  Precisely how these different pieces fit together, and whether they can successfully reposition Dish, is far from clear. No surprise that Dish stock trades at 9.2 times expected 2011 earnings while DirecTV is at 15.2 times. With about $1 billion a year in free cash flow and net debt of just $3.5 billion, Mr. Ergen has the money to experiment. But Dish doesn't pay a regular dividend nor buy back much stock. Mr. Ergen should explain more clearly what he is up to, or fill shareholders' plates.  Write to Martin Peers at martin.peers@wsj.com
Dish Network CEO Charlie Ergen needs to explain more clearly his strategy for the company and how he plans to reposition in the face of competition.