News

Billionaire Charlie Ergen is merging his satellite and broadband services companies, Dish Network and EchoStar, in an all-stock deal. The merger aims to create a long-term sustainable business focused on growth.

EchoStar had a market value of nearly billion, while Dish’s market value was just above billion as of Monday’s close. The deal reunites two businesses that were separate for about 15 years, as Ergen spun EchoStar out of Dish in 2008.

Under the merger agreement, 2.85 shares of Dish common stock will be exchanged for each share of EchoStar stock, providing a 12.9% premium for EchoStar shareholders. The announcement of the potential merger was preceded by media speculation, with the deal being officially confirmed on July 5.

EchoStar CEO Hamid Akhavan will continue as part of the combined company, serving as President and CEO. However, Erik Carlson, the current President and CEO of Dish, will leave after the transaction closes.

Charlie Ergen, Chairman of Dish and EchoStar, stated that the merger is a compelling combination aimed at growth and building a sustainable business. The consolidation of Ergen’s telecom empire reflects his strategic vision for the future.

Further details and updates on this breaking news will be provided.

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