The company, led by chair Charlie Ergen and CEO Hamid Akhavan, said its goal is to “further unlock incremental strategic, financial and operating flexibility for its business” following the completion of its merger with Dish Network.
Dish Network Corp. and EchoStar Corp. have completed their merger, reuniting Charlie Ergen’s satellite empire once again. The deal, which closed on Dec. 31, is key to Ergen’s plan to transition Dish away from the dwindling pay TV business and toward wireless services, challenging the likes of Verizon Communications, T-Mobile and AT&T. Dish, which had accrued significant debt, will now have access to more cash and time to expand its 5G network buildout and mobile and broadband offerings, including fixed home wireless and Boost Infinite, a low-cost mobile service.
Satellite TV broadcaster and terrestrial wireless operator Dish Network and EchoStar, its sister company focused on broadband services from space, have cleared a key regulatory hurdle in the way of their merger plans. The FCC gave its blessing Dec. 6 to transfer all of Dish Network’s licenses and authorizations to EchoStar, which would be the surviving entity following the transaction. The approval is one of the final conditions needed to complete a merger announced around four months ago.
Dish Network on Tuesday posted a sharply lower profit for the second quarter as its subscriber losses continued, though results still topped Wall Street expectations, and announced that it will recombine with satellite communications company EchoStar Corp. in an all-stock deal. Dish reported revenue of $3.91 billion, a 7% decline from the $4.21 billion in the second quarter of 2022, but above the $3.82 billion forecast by analysts polled by Zacks Investment Service.
Charlie Ergen is nearing a deal to merge his major holdings, Dish Network and EchoStar, a move aimed at giving him the financial flexibility to build a nationwide wireless network strong enough to take on the likes of AT&T and Verizon. A deal could be announced as soon as Tuesday, barring any last-minute snags, according to people familiar with the matter.
Charlie Ergen is looking to merge the two halves of his telecom empire, Dish and EchoStar, a deal that would tilt Dish away from a satellite TV business in decline. Both companies have engaged advisers to sort through what a deal might look like, people familiar with the matter say. A key issue: EchoStar is financially stronger than Dish, which is spending heavily to build out a nationwide mobile network while outrunning the cord-cutting that has gutted its core business.
In a tax-free exchange, Dish gets EchoStar’s technologies group, its OTT development group and its 10% stake in Sling TV.
(RTTNews) — Satellite and digital TV solutions provider EchoStar Corp. reported Tuesday that its second-quarter net income attributable to common shareholders was $18 million, compared with a net loss of […]
TiVo first sued Dish and EchoStar in 2004 for infringing on patents covering its “Time Warp” digital video recorder technology.
EchoStar Corp., a provider of television set-top boxes and satellite services, said it agreed to buy Hughes Communications Inc. for about $1.32 billion.