Echostar rises on agreement to sell spectrum licenses to SpaceX; names new CEO

EchoStar

06/11/2025 14:14

** Shares of telecommunication services firm Echostar SATS.O rise 3.7% to $75.00 premarket

** Co to sell a set of wireless spectrum (AWS-3) licenses to SpaceX for about $2.6 bln in exchange for stock in the space startup

** This expands the $17 bln deal the companies struck in September

** SATS says the current operations of Dish TV, Sling TV, Boost Mobile and Hughes will not be impacted

** Co names Charles Ergen as new CEO

** SATS also creates new investment division, Echostar Capital, and names Hamid Akhavan as CEO of the division

** Co's Q3 revenue of $3.61 bln misses estimates of $3.74 bln - data compiled by LSEG

** Reports wider-than-expected Q3 loss

** Stock has more than tripled YTD

(Reporting by Utkarsh Tushar Hathi)

((utkarshtushar.hathi@thomsonreuters.com))