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Shares in EchoStar Corporation (Nasdaq: SATS) are entering the stratosphere this morning as the company's stock price surged after the announcement of a significant deal with telecommunications giant AT&T. Currently, SATS shares are up more than 80% after AT&T agreed to pay the Sling TV and Dish Network $23 billion for some of its wireless spectrum licenses.
U.S. equities were little changed at midday on limited market-driving corporate earnings news and economic data. The Dow Jones Industrial Average, S&P 500, and Nasdaq all moved by small amounts.
EchoStar (SATS 76.66%) has a deal to sell wireless spectrum licenses to AT&T (T -1.69%) for $23 billion, a deal that would clear up a lot of the uncertainty surrounding the telecommunications company. Investors are celebrating the announcement, sending EchoStar shares up more than 75% as of 10 a.m.
EchoStar had been seeking to shield its cache of wireless spectrum licenses from the threat of revocation by the FCC.
AT&T (T) secured a deal worth $23 billion with EchoStar (SATS) to buy spectrum licenses from the company. Eli Lilly (LLY) tacked on billions of dollars in market share after its experimental weight loss pill showed promise in its latest trial results.
EchoStar announced that it has agreed to sell a total of 50 megahertz (MHz) of nationwide wireless spectrum licenses to AT&T Inc (NYSE:T, ETR:SOBA) for about $23 billion in cash, sending EchoStar's stock price up more than 80% in early Tuesday trading. The deal, which involves mid-band and low-band spectrum, is expected to close in mid-2026, pending regulatory approval.
Shares of EchoStar Corp (NASDAQ:SATS) have catapulted up 76.7% to trade at $52.80 this morning, after the company sold a portion of its wireless spectrum licenses to AT&T (T) in an all-cash deal worth roughly $23 billion.
Charlie Ergen's EchoStar saw its stock head skyward after unveiling plans to sell spectrum licenses to AT&T for $23 billion, a move that will shore up its finances and, it hopes, resolve an inquiry by the FCC. Shares surged 80% to $54, an all-time high.
Shares of EchoStar (SATS) skyrocketed 75% in premarket trading Tuesday as the satellite TV provider, under pressure from federal regulators, sold 50 megahertz of its nationwide low- and mid-band spectrum allocations to AT&T (T) for approximately $23 billion.
AT&T reached a deal with EchoStar to buy certain wireless spectrum licenses for about $23 billion. The deal covers about 50 megahertz of nationwide spectrum, and expands AT&T's 5G and fiber services.