EchoStar, the owner of the U.S. satellite and wireless pay-TV service Dish Network, has sold some of its spectrum licenses to telecom operator AT&T for $23 billion.
The transaction is scheduled to close in the middle of next year, meanwhile, AT&T can lease the acquired spectrum from EchoStar in order to start using it earlier. The acquired licenses cover 400 U.S. markets.
The Englewood, Colorado-based EchoStar, controlled by billionaire co-founder Charlie Ergen, has a market value of $8.6 billion and will use the $23 billion from AT&T to retire debt.
Last June, The Wall Street Journal reported that EchoStar was considering a chapter 11 bankruptcy to avoid risking licenses revocation from the Federal communications authority.
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