Cable Bahamas blasts article suggesting bankruptcy from satellite competition

Cable Bahamas Ltd. issued a press statement contending that its financials are healthy and that the company is in no danger of bankruptcy as a result of competition from low earth orbit satellites that provide internet access, like those belonging to satellite internet company Starlink.

The company issued the statement in response to an article published by Tribune Business with the title “Cable’s ‘bankruptcy’ fear over satellite regulation”.

Cable Bahamas called the headline misleading, and said there is no basis for the suggestion that the company is in “financial distress”.

The Tribune wrote the article after the Utilities Regulation and Competition Authority (URCA) revealed that it was entering a second round of consultations over satellite internet regulations in this country.

Starlink is currently the only registered satellite internet company in the country.

“Our participation in URCA’s consultation on the ‘Regulatory framework for satellite-based electronic communications services in The Bahamas’ is grounded in our responsibility to advocate for fair and future-ready policy,” Cable Bahamas said in its statement.

“At the core of our submission is a call for a level playing field, where all service providers, including foreign entrants, are held to consistent standards, obligations, and accountability when serving the Bahamian public.

“Cable Bahamas remains financially strong and strategically focused. We continue to deliver results through disciplined execution, operational efficiency, and a robust long-term strategy.”

The company released its third quarter financials in the statement to bolster its claims and refute the Tribune article’s suggestions.

The company said it is confident in its upcoming fourth quarter results.

“The Tribune article’s headline mischaracterizes our participation in the Utilities Regulation and Competition Authority’s consultation process. Our submission to URCA raised legitimate and evidence-based concerns about the premature and unbalanced regulatory treatment of satellite operators.

“Our position is clear: we support innovation and competition, but it must be fair, sustainable, and beneficial to Bahamian consumers and the national economy.”

CEO of the Bahamas Telecommunications Company (BTC) Sameer Bhatti told Guardian Business yesterday that the telecommunications companies have faced this kind of competition for some time.

He said with the entry of satellite internet into the Bahamas market, internet providers have to put a sharper focus on customers’ needs in order to compete.

Bhatti said satellite internet has its place in some places in the Caribbean and in The Bahamas, but he contended that there does need to be some equity created in the internet space in the country, now that satellite internet is available to all.

He said URCA, which regulates the internet providers, should continue to work with the companies to find common ground.

“I would also say that as we work with hand in glove with the regulator, we endeavor to get to a level playing field where we can compete fairly everywhere that we provide service,” said Bhatti.

“So, to me, additional competition always sharpens your focus on the customer. I look forward to continuing conversations with the regulator on how they can help get to a level playing field and help make it easy for us,” he added.