TMUS - DISH Network sinks to lows on report it may merge with EchoStar

2023-07-06 11:53:21 ET

DISH Network ( NASDAQ: DISH ) shares fell more than 5% , hitting session lows, after it was reported that the Charlie Ergen-led company may merge with another Ergen-controlled entity, EchoStar ( NASDAQ: SATS ).

A combination of DISH Network ( DISH ) and EchoStar ( SATS ) could help to stave off the decline in the satellite TV business, with EchoStar seen as a stronger financial entity, Semafor reported , citing people familiar with the matter.

Dish ( DISH ) is currently in the process of building out a nationwide 5G mobile network that has run into delays. Several years ago, Dish acquired Boost Mobile after T-Mobile ( TMUS ) merged with Sprint.

EchoStar ( SATS ) shares popped on back of the report but those gains quickly faded, with the stock trading down more than 1% .

Neither Dish not EchoStar immediately responded to a request for comment from Seeking Alpha.

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