EchoStar Corporation announced on Tuesday it has completed its acquisition of DISH Network Corporation, which combines DISH's satellite technology, streaming services and nationwide 5G network with EchoStar's satellite communications solutions.
The deal, which reunites Charlie Ergen’s satellite empire, is key to Ergen’s plan to transition Dish away from the dwindling pay-TV business and toward wireless services, challenging providers such as Verizon Communications, AT&T, and T-Mobile, Bloomberg reported.
Dish will now have access to more cash and time to expand its 5G network buildout and mobile and broadband offerings, including fixed home wireless and Boost Infinite, a low-cost mobile service, the media outlet noted.
DISH Network's 5G wireless network now covers more than 70% of the US population, according to the company.
EchoStar was previously owned by Dish and spun off in 2008.
Shares of EchoStar were little changed at $16.56 in early Tuesday trading.