Dish to Buy EchoStar as Ergen’s TV Empire Shifts to Wireless
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Dish to Buy EchoStar as Ergen’s TV Empire Shifts to Wireless
(Bloomberg) -- Dish Network Corp. is proposing to buy EchoStar Corp., the satellite network operator it once owned, in an all-stock deal valued at about $4 billion as billionaire Charlie Ergen works to turn his struggling legacy pay-TV business into a wireless communications company.
Most Read from Bloomberg
Every share of EchoStar will be converted into 2.85 shares of Dish, representing a premium of 12.9% for EchoStar stockholders, according to a company statement issued Tuesday. Existing Dish investors will own about 69% of the merged company. Dish shares surged as much as 9% while EchoStar fell 2%.
The merger reunites EchoStar with its former parent, which spun off the business in 2008. While EchoStar’s shares have risen by almost 15% in the past 12 months, Dish shares have plunged nearly 60% amid investor concerns about its debt levels and its reliance on a shrinking base of satellite TV subscribers.
“This is purely a financial move, which will give Dish a little more help in the credit market,” said Roger Entner, an analyst with Recon Analytics.
Dish had been effectively cut off from the debt market and has a narrow window to address its capital structure. Credit analysts had estimated that Dish would need as much as $16 billion in new capital between 2024 and 2026 to cover spending, wireless costs and address upcoming debt maturities as it works to transform itself into a wireless data service provider and challenge the likes of Verizon Communications Inc., T-Mobile US Inc. and AT&T Inc.
The company announced in June that it met its mobile network buildout requirement and now covers more than 70% of the US population. The same month, Dish launched Boost Infinite, its nationwide mobile subscription service, with a competitive $25 a month unlimited data plan. Ergen has told investors that Boost Infinite will prove its value in the market and help address the company’s financial situation.
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