EchoStar CORP (ECHO)

EchoStar Corporation is a Nevada-incorporated holding company headquartered in Englewood, Colorado, trading on NASDAQ under "SATS," and operates through four segments: Pay-TV, Wireless, Broadband and Satellite Services, and Other. The Pay-TV segment offers DISH-branded satellite television and SLING-branded over-the-top streaming services, serving approximately 6.998 million U.S. subscribers (5.022 million DISH TV and 1.976 million SLING TV) as of December 31, 2025. The Wireless segment provides nationwide service under the Boost Mobile and Gen Mobile brands to approximately 7.511 million subscribers, offering premium devices including iPhones, Samsung, and Motorola products; the company transitioned from an MVNO/MNO model to a "Hybrid MNO" structure completed November 15, 2025, migrating customer traffic to AT&T's network while retaining operation of its own 5G network core.

The Broadband and Satellite Services segment provides consumer broadband internet, satellite technologies, managed network services, gateway/terminal equipment, and aeronautical/enterprise connectivity solutions, serving 739,000 broadband subscribers and leveraging assets including the EchoStar XXIV satellite. The Other segment comprises legacy 5G network deployment assets no longer used in the Hybrid MNO business, following an August 2025 decision to abandon and decommission portions of the network. This restructuring stemmed from an FCC review initiated in May 2025 into EchoStar's compliance with spectrum build-out obligations, which the FCC indicated could result in license revocation absent divestiture of spectrum holdings.

In response, EchoStar entered into an August 2025 License Purchase Agreement to sell its 3.45–3.55 GHz and 600 MHz spectrum licenses to AT&T for up to $22.65 billion (minimum $18.6 billion) in cash, expected to close in the first half of 2026, with proceeds designated to retire the DISH 2021 Intercompany Loan and redeem DISH's 11¾% Senior Secured Notes due 2027. Concurrently, DISH Wireless amended its Network Services Agreement with AT&T, adopting reduced Hybrid MNO rates through 2031 (extendable to 2035). Separately, EchoStar agreed to sell AWS-4, H-Block, and AWS-3 spectrum licenses to SpaceX under agreements executed in September and amended in November 2025, for total consideration of approximately $20 billion (up to $11 billion in SpaceX Class A common stock at $212/share and the remainder in cash), proceeds from which will retire the company's 10¾% and 6¾% Senior Secured Notes and settle its 3⅞% Convertible Secured Notes; the Spectrum Transfer Closing is expected in the first half of 2026, with final Spectrum Acquisition Closing anticipated around November 30, 2027.

The SpaceX transaction also establishes long-term commercial arrangements enabling EchoStar's wireless subscribers to access Starlink Direct to Cell services and a referral program between HughesNet and Starlink customers. Both the AT&T and SpaceX transactions remain subject to FCC and DOJ regulatory approval. As a result of these transactions and the resulting network decommissioning, EchoStar recorded non-cash impairment and related charges totaling approximately $17.632 billion in 2025, alongside additional annual impairment testing charges affecting its Broadband and Satellite Services segment.

The company has invested over $30 billion (excluding $10 billion in capitalized interest) in wireless spectrum licenses historically, a substantial portion of which is now subject to divestiture under the AT&T and SpaceX agreements.