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☆ PRO: Watch CNBC's full interview with DirecTV CEO Bill Morrow
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPRO: Watch CNBC's full interview with DirecTV CEO Bill MorrowBill Morrow, DirecTV CEO, joins 'Squawk on the Street' to discuss why DirecTV completed its recent deal with EchoStar, why the antitrust view of this deal has changed, and much more.

Persons: Bill Morrow Bill Morrow Organizations: DirecTV, EchoStar

☆ DirecTV CEO on Dish and Sling TV acquisition from EchoStar
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDirecTV CEO on Dish and Sling TV acquisition from EchoStarBill Morrow, DirecTV CEO, joins 'Squawk on the Street' to discuss why DirecTV completed its recent deal with EchoStar, why the antitrust view of this deal has changed, and much more.

Persons: Bill Morrow Organizations: DirecTV, Dish, EchoStar

☆ EchoStar to sell Dish to DirecTV, combining major pay-TV providers
▼ + stars: | 2024-09-30 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +3 min

EchoStar is selling its Dish TV provider and digital business Sling to rival DirecTV in a deal announced Monday that brings together two of the largest pay-TV providers. Combined, DirecTV and Dish will serve close to 20 million customers, according to Reuters. The content distribution industry as a whole has been on a major decline, Akhavan said, and distribution companies such as Dish and DirecTV have fallen behind other platforms with newer technologies and wider reach. Also on Monday, AT&T announced it would sell its entire 70% stake in DirecTV to private equity firm TPG for $7.9 billion. The possibility of a merger between Dish and DirecTV has been rumored for decades.

Persons: Hamid Akhavan, CNBC's, Akhavan, EchoStar, — CNBC's Lillian Rizzo, Alex Sherman Organizations: DirecTV, Dish, Reuters, T, TPG, General Motors, Hughes Electronics, Federal Communications Commission, Rupert Murdoch's News Corporation

☆ Stocks making the biggest moves midday: EchoStar, CVS Health, Stellantis and more
▼ + stars: | 2024-09-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: Nio — The U.S.-listed shares of the Chinese electric vehicle maker climbed 9.5% after Nio announced a 13.3 billion yuan cash injection for its Nio China business. The transactions are expected to be completed by year-end, and will reduce Nio Inc.'s stake in Nio China to 88.3% from its current 92.1%. CVS Health — Shares jumped 3.3% on news that hedge fund Glenview Capital intends to meet with CVS Health's executives to boost the struggling business. Crypto stocks — Stocks tied to the price of bitcoin retreated with the cryptocurrency following a sizeable rally last week. Cumberland Hospital for Children and Adolescents is an "indirect subsidiary" of Universal Health Services, according to an 8-K filing.

Persons: Nio, Alibaba, Stocks, bitcoin, Coinbase, MicroStrategy, Bitcoin, EchoStar, Piper Sandler, Stephen Scouten, — CNBC's Sean Conlon, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh Organizations: Nio Inc, GM, Ford, CVS, —, Glenview Capital, CNBC, DirecTV, Amerant, Moderna, Universal Health Services, Cumberland Hospital for Children Locations: U.S, China, Glenview, Florida

☆ EchoStar CEO on DirecTV-Dish Network deal: It's the 'right time' to do this
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEchoStar CEO on DirecTV-Dish Network deal: It's the 'right time' to do thisEchoStar CEO Hamid Akhavan joins CNBC's 'Squawk on the Street' to discuss DirecTV's acquisition of Dish Network, how it will shift focus to its wireless business, and more.

Persons: Hamid Akhavan Organizations: DirecTV, Dish Network

☆ DirecTV and Dish Network are combining to form a pay-TV titan
▼ + stars: | 2024-09-30 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

DirecTV said Monday it has agreed to acquire Dish Network from EchoStar. AdvertisementDirecTV announced Monday that it has agreed to acquire rival Dish Network from EchoStar, in a deal that would create one of the largest pay-TV providers in the US. The deal will see DirecTV acquire EchoStar's video distribution business — which includes Dish and Sling TV — for $1 and assume around $9.75 billion of Dish's debt, the companies said. The deal also comes at a challenging time for the pay-TV industry, with DirecTV and Dish being squeezed by streaming services like Netflix and Amazon Prime Video. AdvertisementIt said consumers were "cutting the cord" and ditching satellite TV for streaming services, with DirecTV and Dish collectively losing 63% of their satellite customers since 2016.

Persons: — Organizations: DirecTV, Dish Network, EchoStar, Service, AT, TPG, Netflix, Amazon Prime, Dish Locations: EchoStar

New York CNN —DirecTV announced Monday it’s buying rival Dish Network, ending multiple decades of on-and-off talks about the satellite services merging. The agreement provides DirecTV and Dish with greater scale, a DirecTV spokesperson told CNN. The newly merged DirecTV-Dish entity will continue to support the Dish brand for the foreseeable future, the DirecTV spokesperson said. DirecTV does not currently have plans to make changes to the existing Dish or Sling TV brands, meaning that current Dish customers should not be concerned about being forced over to DirecTV. The deal also strengthens the duo’s foothold in the industry, allowing them to more easily compete with pay TV rivals and streaming services.

Persons: Charlie Ergen, Mike White, Echostar, Hughes, ’ Organizations: New, New York CNN, DirecTV, Dish Network, Netflix, Hulu, Amazon’s, Dish, ”, TPG, T, CNN, Disney, Hughes Electronics, EchoStar Corporation, Bloomberg, General Motors, Monday, Antitrust Locations: New York

☆ Watch CNBC’s full interview with EchoStar CEO Hamid Akhavan
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with EchoStar CEO Hamid AkhavanEchoStar CEO Hamid Akhavan joins CNBC's 'Squawk on the Street' to discuss DirecTV's acquisition of Dish Network, how it will shift focus to its wireless business, and more.

Persons: Hamid Akhavan Organizations: Dish Network

☆ EchoStar's Dish sale marks disappointing end to Charlie Ergen's 'Seinfeld' strategy
▼ + stars: | 2024-09-30 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +2 min

Dish's "Seinfeld" strategy appears to have ended quite like the actual show — with its finale a generally-accepted disappointment. In 2011, Dish cofounder Charlie Ergen first mentioned "Seinfeld" on an earnings call, responding to an analyst's question about his company's mixed bag of assets. When Dish and DirecTV discussed merging in 2014, DirecTV's market capitalization was about $40 billion, and Dish's market valuation was more than $28 billion. DirecTV sold a year later to AT&T for $49 billion in equity value. EchoStar was motivated to move Dish and its debt off its balance as a $2 billion debt payment matures in November, CNBC reported last week.

Persons: Charlie Ergen, Ergen, EchoStar, Hamid Akhavan Organizations: DirecTV, Comcast, Dish, Times, CNBC

☆ EchoStar nears deal to sell Dish to DirecTV with $2 billion debt payment looming
▼ + stars: | 2024-09-27 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com time to read: +4 min

The combination of Dish and DirecTV has been rumored for years and nearly happened in 2002 until it collapsed under regulatory pressure. The prospect of a future EchoStar bankruptcy and deal approval from creditors make the completion of a deal complicated. EchoStar has a total enterprise value of about $31 billion and a market capitalization of about $7.6 billion. Dish ended its last quarter with 6.1 million satellite subscribers and 2 million customers for Sling TV, Dish's over-the-internet package of linear networks. DirecTV has also felt the pain, losing millions of subscribers since AT&T bought the company in 2015 for $67 billion with debt.

Persons: Charlie Ergen, EchoStar, MoffettNathanson's Craig Moffett, — CNBC's Lillian Rizzo Organizations: Dish Network, DirecTV, TPG, AT, Dish, Satellite, Netflix, Disney, Amazon Prime, Sling, T, CNBC, ESPN

☆ Elon Musk says SpaceX will sue FAA for 'regulatory overreach'
▼ + stars: | 2024-09-17 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Elon Musk said SpaceX will sue the Federal Aviation Administration for "regulatory overreach" after the agency planned to fine his defense contractor for issues with two launches last year. The FAA said SpaceX used an "unapproved rocket propellant farm" for its EchoStar XXIV Jupiter mission in July 2023. In a recent blog post, SpaceX complained about "difficulties launch companies face in the current regulatory environment," specifically pertaining to "launch and reentry licensing." In addition to taking on the FAA and environmental regulators, Musk has clashed with the National Labor Relations Board. WATCH: SpaceX will sue FAA

Persons: NASA's, Elon Musk, SpaceX didn't, Musk Organizations: Polaris, NASA's Kennedy Space Center, SpaceX, Federal Aviation Administration, FAA, Cape Canaveral Space Force, NASA, CNBC, Environmental Protection Agency, Texas Commission, National Labor Relations Board Locations: Cape Canaveral , Florida, Cape, Florida, Texas, Boca Chica , Texas

DirecTV and Disney have reached a deal that brings Disney’s ESPN and other channels back to the pay-tv provider’s customers after a roughly two week blackout. On Saturday, DirecTV and Disney said they reached a deal that called for “market based terms” on pricing. DirecTV will be able to offer Disney’s streaming services in its packages and a la carte, the company said in a release Saturday. The amount of customers DirecTV lost during the dispute was not “immaterial,” said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs’ Communacopia & Technology Conference on Thursday. DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said.

Persons: Disney, DirecTV’s, Jimmy Pitaro, “, It’s, ESPN’s Pitaro, ”, Vince Torres, Goldman Sachs, Torres, Venu, DirectTV, ESPN — Organizations: DirecTV, Disney, ESPN, ABC, SEC Network, ACC Network, CNBC, U.S ., Hulu, Charter Communications, Technology Conference, Antitrust, Warner Bros, Discovery, Fox Corp, Federal Communications Commission, FCC

Disney's networks went dark on Sept. 1 after the two sides could not agree to terms on fees and bundle structures. DirecTV called Disney anti-consumer, and ESPN Chairman Jimmy Pitaro called the responses DirecTV made to Disney's package offers "basically hypotheticals." The amount of customers DirecTV lost during the dispute was not "immaterial," said DirecTV Chief Marketing Officer Vince Torres at Goldman Sachs' Communacopia & Technology Conference on Thursday. DirecTV offered its customers a $30 credit, financed by stopping payments to Disney as soon as the blackout began, Torres said. This was the second dispute in a year that left pay TV customers without Disney's networks.

Persons: Disney, DirecTV's, Jimmy Pitaro, It's, ESPN's Pitaro, Vince Torres, Goldman Sachs, Torres, Venu, DirectTV, ESPN — Organizations: Clemson Tigers, season's, Clemson, NCAA Division, DirecTV, Disney, ESPN, U.S ., Atlanta Falcons, Philadelphia Eagles, CNBC, & Technology Conference, ABC, Antitrust, Warner Bros, Discovery, Fox Corp, Federal Communications Commission, FCC, Charter Communications

Disney and DirecTV are not likely to reach a deal in time for "Monday Night Football" according to people familiar with the matter. As a result of the fight, DirecTV customers were unable to see the U.S. Open and the first full weekend of the college football season. DirecTV alerted customers on Friday to competitor alternatives for watching ESPN and also said it would provide a $30 credit to customers. However, Charter and Disney reached a deal hours ahead of "Monday Night Football" that allowed customers to tune in that night. The dispute between DirecTV and Disney has led to mudslinging between the two companies reminiscent of most carriage fights.

Persons: Rob Thun, Venu —, Venu, Disney, It's, Jimmy Pitaro, Nielsen, Pitaro, Adam Schefter, DirecTV's Thun Organizations: ESPN, Jacksonville Jaguars, Cincinnati Bengals, EverBank, DirecTV, Disney, FX, ABC, U.S ., CNBC, Walt Disney Co, Fox Corp, Warner Bros, NFL, Federal Communications Commission, Charter Communications, New York Jets, San Francisco 49ers Locations: Jacksonville , Florida, American, U.S

☆ DirecTV is pushing its pay TV bundle — without a satellite dish
▼ + stars: | 2024-08-12 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +7 min

The "For the Birds" ad campaign for DirecTV emphasizes customers don't need a satellite dish anymore for service. Courtesy: DirecTVCoach Prime wants consumers to know they can watch DirecTV without a satellite dish. As pay TV distributors — both satellite and cable companies — have seen customers flee for streaming, DirecTV is trying to get the message out that a clunky satellite dish is no longer needed for its service. Satellite TV providers like DirecTV and EchoStar's Dish were once some of the biggest distributors of the TV bundle. Sticking with sportsThe "For the Birds" ad campaign for DirecTV emphasizes customers don't need a satellite dish anymore for service.

Persons: Deion Sanders, Steve Buscemi, Henry Winkler, Vince Torres, it's, Torres, Shedeur Sanders, —, Winkler's Frank, Bobby, Buscemi, There's, Sanders, Tinker Bell, Cord, Pavlo Gonchar, Craig Moffett, what's, Moffett, DirecTV's Organizations: DirecTV, NFL, Colorado, Colorado Buffaloes, Nebraska Cornhuskers, Folsom, NBA, NHL, NCAA's Colorado Buffaloes, Lightrocket, Satellite, TPG, AT, Hulu, Sling, YouTube, Netflix, Comcast, Charter Communications Locations: Colorado, Boulder ,, New York City

☆ Stocks making big moves premarket: Dish Network, Bluegreen, Albemarle and more
▼ + stars: | 2023-11-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Dish Network — Shares dropped 6.2% premarket after the company missed Wall Street's expectations on both revenue and earnings, driven by substantial losses in its pay-TV retail wireless subscribers. Dish lost 26 cents per share in the third quarter, while analysts expected earnings of 5 cents per share, according to LSEG, formerly Refinitiv. Nvidia — The semiconductor stock added 1.1% premarket Monday, lifted by Bank of America's optimism about Nvidia's quarterly earnings due Nov. 21. Affiliated Managers Group — Shares of the asset manager company gained 2.5% third quarter earnings and revenue topped analyst estimates. AMG posted revenue of $525.2 million, exceeding analysts' estimate of $509.4 million.

Persons: Tesla, RingCentral, Schuster, SATS, Jane, FactSet, — CNBC's Brian Evans, Jesse Pound, Michelle Fox Theobald, Scott Schnipper Organizations: Reuters, Hilton, Paramount, CBS, Bank of America, Dish, Citigroup —, CNBC, Citigroup, Bora Bora, Nvidia, Bank of, UBS, Dominion Energy, Barclays Locations: Berlin, China, Albemarle

☆ In a first-ever for space junk, Dish Network was fined $150,000 for leaving a retired satellite to orbit indefinitely in the wrong place
▼ + stars: | 2023-10-03 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

The agency said Dish left the satellite at the wrong disposal orbit at the end of its mission. AdvertisementAdvertisementThe Federal Communications Commission announced Monday it has fined Dish Network $150,000 for a retired satellite that was left in the wrong place in space as concerns about space trash grow. In a statement, the FCC said Dish left the retired satellite at a "disposal orbit well below the elevation" that was required. AdvertisementAdvertisementInstead, after realizing in 2022 that the satellite was low on propellant and would not be able to reach that altitude, Dish retired the satellite only about 76 miles above that operational arc. The FCC said the lower disposal orbit could pose space debris concerns.

Persons: —, Loyaan, Flytrap, Joel C, TransAstra Organizations: FCC, Dish Network, Service, Federal Communications Commission, Dish, Bureau, FCC's, NASA

☆ FCC enforces first space debris penalty in $150,000 settlement with Dish
▼ + stars: | 2023-10-02 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Signage is seen at the headquarters of the Federal Communications Commission in Washington, D.C. The Federal Communications Commission announced a settlement with Dish Network on Monday in the regulator's first penalty related to space debris. Dish admitted it was liable for failing to properly dispose of the EchoStar-7 broadcast communications satellite, and agreed to pay a fee of $150,000, the FCC said. Dish launched the EchoStar-7 satellite in 2002 and planned to remove it from service in May 2022. The company had previously agreed to an "orbital debris mitigation plan" with the FCC to relocate the satellite.

Persons: Loyaan Egal Organizations: Federal Communications Commission, Washington , D.C, Dish Network, FCC, Dish Locations: Washington ,

☆ FCC issues first-of-its-kind space debris fine against Dish
▼ + stars: | 2023-10-02 | by ( Jackie Wattles | ) edition.cnn.com time to read: +3 min

“This marks a first in space debris enforcement by the Commission, which has stepped up its satellite policy efforts,” the FCC said in a news release. The objects could pose a risk of colliding with active satellites, the International Space Station or other pieces of debris, further exacerbating the risk of in-space collisions. It was launched to geostationary orbit — a field of space that begins about 22,000 miles (36,000 kilometers) above Earth — in 2002. But, according to the FCC, Dish did not leave enough fuel on board the satellite to make that maneuver possible. But geostationary orbit remains home to large, expensive telecommunications satellites, such as those operated by Dish, Intelsat, SES and Viasat.

Organizations: CNN — Satellite, Dish Network, Federal Communications Commission, Commission, FCC, Space, Dish, Intelsat, SES, Viasat

☆ DISH gets first-ever space debris fine over EchoStar-7
▼ + stars: | 2023-10-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 2 (Reuters) - The Federal Communications Commission said on Monday it has issued its first space debris enforcement fine, of $150,000 for DISH (DISH.O) which failed to properly de-orbit its EchoStar-7 satellite. The wholly owned unit of DISH Network admitted liability and will adhere to a compliance plan, the commission said, adding that the company's action "could pose orbital debris concerns." FCC Enforcement Bureau Chief Loyaan Egal said Monday's announcement "is a breakthrough settlement, making very clear the FCC has strong enforcement authority and capability to enforce its vitally important space debris rules." In February 2022, DISH said "the satellite had very little propellant left, which meant it could not follow the original orbital debris mitigation plan in its license." The FCC in September 2022 voted to adopt new rules to address growing risks of orbital debris to space exploration by shrinking the time to remove defunct satellites.

Persons: Loyaan Egal, David Shepardson, Mark Porter, Richard Chang Organizations: Federal Communications Commission, Network, FCC, Thomson

☆ Telesat buys SpaceX launches for Lightspeed internet satellites
▼ + stars: | 2023-09-11 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

PARIS – Competitors or not, SpaceX continues to be willing to launch for other satellite internet companies. The agreement covers 14 launches of the Canadian venture's Lightspeed internet satellites. SpaceX has used its rockets to launch communications satellites for companies that compete directly or indirectly with its global Starlink internet network. These deals come as an Amazon shareholder alleges the company snubbed SpaceX for launch contracts of the tech giant's Kuiper internet satellites. Earlier this summer Telesat announced a swap in the manufacturer of its Lightspeed satellites, with Canadian space company MDA taking the place of French-Italian manufacturer Thales Alenia Space.

Persons: Elon Musk's, Dan Goldberg, Goldberg, Jeff Bezos, Glenn, Starlink, Telesat Organizations: PARIS, SpaceX, Elon, Elon Musk's SpaceX, Canadian, Lightspeed, CNBC, Viasat, Glenn, New Glenn, SpaceX's, MDA, Thales Alenia Space Locations: Italian

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

☆ Here are Wednesday's biggest analyst calls: Nvidia, Rivian, Peloton, UPS, Eli Lilly, DraftKings and more
▼ + stars: | 2023-08-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS reiterates Home Depot and Lowe's as buy UBS said it sees next week's earnings reports for the home improvement retailers as a "low impact" event. JPMorgan upgrades DraftKings to neutral from underweight JPMorgan upgraded DraftKings mainly on valuation after Disney and Penn announced a partnership Tuesday. Bank of America reiterates Rivian as buy Bank of America said the electric vehicle maker is in the right place at the right time. UBS downgrades UPS to neutral from buy UBS downgraded the stock after its earnings report Tuesday and said it's concerned about cost pressures. Bank of America reiterates Nvidia as buy Bank of America said it's standing by its buy rating on the stock. "

Persons: BTIG, it's, JPMorgan, Berenberg, Marqeta, Rivian, Jefferies, Eli Lilly, GLP, LLY, Wells, Wells Fargo, Jensen Huang, Goldman Sachs Organizations: Bank of America, Walmart, UBS, JPMorgan, Disney, Penn, Barclays, Dish, State, EV, UPS, Industries, " Bank of America, Nvidia Locations: 2Q24, LLY, GTLS

☆ Stocks making the biggest moves midday: Beyond Meat, Chegg, PNC Financial, Dish & more
▼ + stars: | 2023-08-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

The health care company reported earnings per share of $1.31. Organon posted $1.61 billion in revenue, beating analysts' expectations of $1.57 billion. Beyond Meat — The plant-based meat company fell 16% during midday trading after missing on second-quarter revenue, citing weak U.S. demand. The fragrance and cosmetics company reported revenue of $2.93 billion, falling shorter than analysts' estimates of $3.07 billion, according to StreetAccount. See Corp. — Shares of the packaging company lost 7% after See missed revenue expectations for the second quarter.

Persons: Moody's, Goldman Sachs, JPMorgan Chase, Organon, StreetAccount, Chegg, Charlie Ergen, EchoStar, Eli Lilly —, Eli Lilly, Palantir, —, Samantha Subin, Jesse Pound, Alex Harring, Hakyung Kim Organizations: PNC Financial, Citizens, T Bank —, T Bank, Webster, PNC, JPMorgan, Nordisk —, Technologies, Refinitiv . Fox Corp, Corp, —

☆ Billionaire Charlie Ergen merging Dish and EchoStar to expand mobile and satellite telecom empire
▼ + stars: | 2023-08-08 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Billionaire Charlie Ergen is consolidating his telecom empire, merging his satellite and broadband services companies Dish Network and EchoStar in an all-stock deal. "This is a strategically and financially compelling combination that is all about growth and building a long-term sustainable business," Ergen, chairman of both Dish and EchoStar, said in a statement. The deal reunites two businesses that have been separate for about 15 years, as Ergen spun EchoStar out of Dish in 2008. The merger will exchange 2.85 shares of Dish common stock for each share of EchoStar stock, a 12.9% premium for EchoStar shareholders as of the July 5 trading close. EchoStar CEO Hamid Akhavan will continue on as part of the combined company, as President and CEO.

Persons: Charlie Ergen, Ergen, EchoStar, Hamid Akhavan, Erik Carlson, Akhavan, CNBC's David Faber Organizations: Dish Network

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