{"id":10131,"date":"2023-08-08T12:34:56","date_gmt":"2023-08-08T12:34:56","guid":{"rendered":"https:\/\/isafespend.com\/investing\/charles-ergens-dish-satellite-operator-echostar-to-merge\/"},"modified":"2023-08-08T12:34:57","modified_gmt":"2023-08-08T12:34:57","slug":"charles-ergens-dish-satellite-operator-echostar-to-merge","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=10131","title":{"rendered":"Charles Ergen’s Dish, satellite operator EchoStar to merge"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A Dish Network receiver hangs on a house in Somerville, Massachusetts, U.S., February 21, 2017. REUTERS\/Brian Snyder\/File Photo<\/span>
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(Reuters) – Pay-TV provider Dish Network (NASDAQ:) plans to merge in an all-stock deal with satellite communications vendor EchoStar, the companies controlled by billionaire Charles Ergen said on Tuesday.<\/p>\n

Ergen, who co-founded Dish, owns more than half of its outstanding shares and owns nearly 60% of EchoStar, according to regulatory filings.<\/p>\n

Shares of Dish were up marginally while those of EchoStar were down 6.6% after premarket trading resumed.<\/p>\n

The deal combines Dish’s Pay-TV business and its 5G wireless network with EchoStar’s satellite communications solutions.<\/p>\n

EchoStar has a bank of satellites that serve the U.S. government, media organizations and Hughes Network home customers.<\/p>\n

Dish has focused on expanding its cellular wireless offerings, though it faces tough competition from larger carriers including AT&T (NYSE:) and Verizon Communications <\/span><\/span> (NYSE:).<\/p>\n

Under the terms of the deal, EchoStar stockholders will receive 2.85 shares of Dish Network’s Class A common stock, with the exchange ratio representing a 12.9% premium to EchoStar’s close on July 6 when reports of a merger first surfaced.<\/p>\n

EchoStar’s CEO Hamid Akhavan will lead the combined company upon the completion of the deal, which is expected by the end of the year. Ergen will serve as executive chairman.<\/p>\n

As of Monday’s close, the market value of Dish stood at $4.07 billion while that of EchoStar was $1.97 billion. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A Dish Network receiver hangs on a house in Somerville, Massachusetts, U.S., February 21, 2017. REUTERS\/Brian Snyder\/File Photo (Reuters) – Pay-TV provider Dish Network (NASDAQ:) plans to merge in an all-stock deal with satellite communications vendor EchoStar, the companies controlled by billionaire Charles Ergen said on Tuesday. Ergen, who co-founded Dish,<\/p>\n","protected":false},"author":1,"featured_media":10132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-10131","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nCharles Ergen's Dish, satellite operator EchoStar to merge | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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