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Dish Network and EchoStar are set to be consolidated into one as their owner, Charlie Ergen, aims to expand his telecommunication and satellite business empire. The billionaire is merging his satellite and broadband services companies that have been separate entities for 15 years.
It was said that EchoStar is valued at almost $2 billion during market close on Monday this week, while Dish Network is worth a little over $4 billion. According to CNBC, the merger deal will put the companies together after Ergen spun the satellite communication and Internet services out of Dish in 2008.
EchoStar was first launched in 1980, and it entered the market as a seller of satellite dishes. Later, in 1995, it started its own subscription satellite service. Ever since the introduction of the spinoff, Dish has been acquiring assets from EchoStar, such as its broadcast satellite service. On the other hand, the latter remained focused on satellite communication services.
"This is a strategically and financially compelling combination that is all about growth and building a long-term sustainable business," EchoStar and Dish Network’s chairman of the board, Charles Ergen, said in a press release. "DISH's substantial past investments in spectrum and its wireless buildout, combined with EchoStar's recent launch of JUPITER 3, are expected to significantly reduce near-term CAPEX requirements. The transaction is expected to generate significant cost and revenue synergies, and the strong asset portfolio of the combined company paired with its enhanced free cash flow generation capability and strengthened capital structure are expected to drive long-term value creation for our shareholders and other stakeholders."
Meanwhile, the merged company will have its office in Englewood, Colorado. It will offer its services worldwide under its own lineup of business brands, such as DISH Wireless, Sling TV, and JUPITER satellite services.
Photo by: Dish Network/Echostar Press Release
