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EchoStar Shares Surge 75% on $23B Spectrum Deal with AT&T
EchoStar Shares Surge 75% on $23B Spectrum Deal with AT&T
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BTCCSquare news:
EchoStar's stock skyrocketed after announcing a $23 billion wireless spectrum sale to AT&T, resolving regulatory uncertainty. The satellite communications firm will now pivot to a hybrid network model for its Boost Mobile operations.
The FCC had been investigating EchoStar's spectrum usage, raising bankruptcy concerns. This transaction eliminates that overhang while providing capital to strengthen the balance sheet. "This puts our business on a solid financial path," CEO Hamid Akhavan stated.
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