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DISH Network Corp (NASDAQ:DISH) shares are trading higher by 8.6% to $4.30 Thursday afternoon after the FCC granted approval for the transfer of control of Dish and its subsidiaries to EchoStar Corp (NASDAQ:SATS).
What Happened?
The FCC has approved DISH Network's and EchoStar's request for control transfer of licenses, authorizations and special temporary authorities (STAs). DISH offers various communication services, while EchoStar provides global satellite services.
Both companies were once part of the same entity and are now seeking to recombine under EchoStar's control. The merger was approved by independent directors and majority shareholders of both companies, with Charles W. Ergen maintaining significant control post-merger.
Despite the change in structure, the ownership and control remain largely unchanged. The FCC finds this transfer to be in the public interest and has granted the applications, effective immediately.
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According to data from Benzinga Pro, DISH has a 52-week high of $16.45 and a 52-week low of $3.21.
