Dish’s Charlie Ergen looks to merge Dish and EchoStar – Semafor
12:40 pm Thursday, July 06th, 2023
(Reuters) – Dish Network Chairman Charlie Ergen is considering merging the two halves of his telecom empire, Dish and EchoStar, news publication Semafor reported on Thursday, citing people familiar with the matter.
The companies have engaged advisors, according to the report, which did not offer details on the timeline for a deal or the size.
Dish and EchoStar did not immediately respond to Reuters’ requests for comments.
Dish’s shares were 5% lower in afternoon trade while EchoStar’s stock was down 3.4% amid weaker broader market.
In 2008, EchoStar Communications, which was founded by Ergen as a satellite television equipment distributor in 1980, changed its name to Dish Network and spun off its technology arm as a new company named EchoStar Corp.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Sriraj Kalluvila)
