The Federal Communications Commission (FCC) has given its approval to the proposed merger of Dish Network and satellite operator EchoStar.
Approval of the deal is a big regulatory hurdle passed for the merger, which was first announced in August.
Both companies, which are owned by billionaire Charles Ergen, will reunite after EchoStar was spun out from Dish back in 2008.
That saw Dish retain its TV business while it shed the satellite infrastructure that beamed content into them.
Ergen, who co-founded Dish, owns more than half of its outstanding shares and owns nearly 60 percent of EchoStar.
“Ergen would beneficially own more than 90 percent of the voting stock and approximately 54 percent of the equity of the recombined company and would continue to control the licenses and authorizations at issue. There is therefore no substantial change of ownership or control,” said the FCC in the approval order.
Last month, Dish reported a revenue dip of 9.8 percent for the third quarter of 2023, and also confirmed the departure of its president and CEO Erik Carlson.
EchoStar CEO Hamid Akhavan will lead the combined company upon the completion of the deal, which is anticipated by the end of this year.
Source: datacenterdynamics.com
