Founder Family Restructures Significant Stake in Satellite Communications

EchoStar Corporation (NASDAQ: SATS) reported in its May 13 SEC filing a series of internal equity transfers moving millions of its Class B common shares between Grantor Retained Annuity Trusts managed by Chairman and CEO Charlie W. Ergen and Teluray Holdings. Among the transfers, 2,925,750 shares were contributed in kind from the Ergen two-year May 2024 SATS GRAT to Teluray Holdings. After the transaction, Teluray Holdings indirectly holds approximately 6,051,502 shares on a Class A equivalent basis—combining its Class A common stock and convertible Class B shares. No open-market trades occurred nor did any cash change hands; the restructuring simply reorganized ownership while maintaining existing economic interests. In a separate filing, non-executive director David William Wade exercised 5,000 stock options for Class A common shares at $24.49 per share—an aggregate exercise price of approximately $120,000 (about KRW 170 million)—bringing his total direct and indirect holdings to 5,767 shares.

In its May 11 announcement of first-quarter 2026 results, EchoStar reported revenues of $3.67 billion (about KRW 4.9 trillion) and a net loss, with revenues down from $3.87 billion in the year-ago quarter. The following day, the U.S. Federal Communications Commission approved EchoStar’s sale of roughly 65 MHz of spectrum to SpaceX and 50 MHz to AT&T—a divestiture valued at around $40 billion (about KRW 54 trillion).

Headquartered in Colorado, EchoStar is a satellite communications and wireless services company providing satellite-based internet and broadcasting services, listed on Nasdaq under the ticker SATS. Since making DISH Network a wholly owned subsidiary in 2023, special-purpose entities and trusts centered on founder Charlie Ergen have maintained significant voting power and equity stakes. This filing details the internal transfers that underpin that governance structure.